When couples are in the midst of newlywed bliss, they likely aren’t thinking about their financial future. However, estate planning attorneys recommend taking the time now to begin consolidating accounts and preparing for unexpected events that might affect one or both of you in the future. Use this guide to figure out what you should do soon after saying, “I do.” 

Create Joint Accounts

It’s not easy to think about what happens if you pass away, but it is important for your spouse’s financial security. Having joint accounts will allow the surviving spouse to quickly assess any funds the two of you share.

Establish joint checking and savings accounts. Additionally, if either of you has investments, retirement accounts, or receives pension or military benefits, make sure your spouse is now listed as a beneficiary or has been given transfer on death designation. 

If you go into the marriage with a trust, property, titles, or more complicated assets, it’s important to work with an estate planning attorney. They will help you to name your spouse as the sole beneficiary of these resources or designate a specific portion to them, your children, and other family members. 

Draft a Will

Most newly married individuals will enter the marriage without a will, but if you already have one, it’s important to update it to recognize your spouse. Usually, it’s best to meet with an estate planning attorney before drafting a new will as they will know all the questions you need to ask. 

For instance, drafting a will should declare more than who receives what assets. It should also name an executor, who will be responsible for distributing any funds, property, or titles. If you have children from a previous marriage, it will cover what financial arrangements should be put in place upon your passing, name a guardian if necessary, and establish any trust requirements. 

An estate attorney will also help you establish a living will, which provides clear conditions on what’s to be done if you develop a terminal illness and cannot speak for yourself. Giving your spouse power of attorney would ensure they can handle all of your financial and medical affairs.

When you need help combining your estate with your new spouse’s, turn to Vernau Law LLC in Granville, OH. For over 25 years, this law office has provided professional legal service and representation to Licking County and the surrounding areas. Their estate planning attorneys will assist you with making the best financial decisions for after your death. Call their office today at (740) 587-2637 to schedule an appointment, and visit their website to learn more about their areas of focus.