Recently married? Estate planning is an important step to consider as you start this new chapter of your life. Here are some recommendations for estate planning when getting married:

1. Update Your Beneficiaries

Review and update the beneficiaries on your existing accounts, such as life insurance policies, retirement plans, and investment accounts. You may want to designate your spouse as the primary beneficiary.

2. Create or Update Your Will

A Will is a legal document that outlines how you want your assets to be distributed after your death. It’s especially important to create or update your will when getting married. Consider how you want your assets divided and whether you have any specific bequests or gifts you’d like to include. You may also want to name your spouse as the executor of your estate.

3. Create or Update Your Trust

Once married, you may wish to consider using one revocable Trust which is created by and funded by both spouses. The revocable Trust designates who will serve as Trustee to manage trust assets in the event of incapacity or death of one or both spouses and how the trust assets will be administered and distributed upon the death of each spouse. For example, you can leave your share of the revocable Trust in an irrevocable trust for the benefit of your surviving spouse during his or her lifetime and then designate your children from a prior marriage as the contingent beneficiaries to inherit the irrevocable trust assets remaining upon the death of your surviving spouse. Alternatively, if you already have a Trust established and funding while single, you may wish to consider updating this Trust to include your spouse as a Successor Trustee or beneficiary.

4. Establish Powers of Attorney

Powers of attorney allow you to appoint someone to make financial or healthcare decisions on your behalf if you become incapacitated. Consider granting your spouse durable power of attorney for financial matters and healthcare power of attorney for medical decisions. Similarly, ensure that you have these documents in place for yourself, designating someone you trust in case you are unable to make decisions.

5. Plan for Incapacity

Discuss with your spouse how you would want your assets and healthcare decisions handled if either of you were to become incapacitated. Consider establishing a living will or healthcare directive to provide guidance regarding end-of-life decisions.

6. Consult With Professionals

Estate planning can be complex. It is always best to consult an estate planning attorney to help you navigate the legal requirements and tailor your plan to your needs. Additionally, you may want to involve a financial advisor or accountant to ensure your financial affairs are aligned with your estate plan.

7. Prenuptial or Postnuptial Agreement

While it may not be the most romantic topic, a prenuptial or postnuptial agreement can help protect both parties’ assets and outline how property and debts would be divided in the event of divorce or death. Whenever one party owns significant property prior to marriage a prenuptial or postnuptial agreement is highly recommended.

These recommendations are general in nature, and your specific circumstances may require additional or different considerations or solutions. It’s important to consult with professionals who can provide personalized advice based on your unique situation, goals, and objectives.

In Arizona? Give us a call or email info@bivenslaw.com today to schedule your complimentary estate planning consultation. We have helped thousands of clients, and have the knowledge and experience you need to make the best decisions and craft the right legal documents for your family.

— Stephanie A. Bivens, Esq., CELA