Partner
Marriage is about partnership, trust, and building a future together. While it’s easy to get caught up in the excitement of a wedding, it’s just as important to think about long-term planning. Estate planning helps protect you and your spouse, ensuring that your wishes are honored and your assets are handled according to your intentions. Without the right legal documents in place, decisions about your finances and health could be left to the courts. Taking the time to plan now can bring peace of mind for the years ahead.
Updating Beneficiary Designations
Marriage doesn’t automatically update the beneficiary information on your financial accounts. If you’ve named a parent, sibling, or someone else as a beneficiary before getting married, they will remain listed unless you make a change. That means assets like life insurance payouts, retirement accounts, and payable-on-death bank accounts could go to someone other than your spouse.
Updating your beneficiary designations is simple and only takes a few minutes. Review your 401(k), IRA, life insurance policies, and any other accounts that allow you to name a beneficiary. You can do this by contacting your financial institution or employer. Since beneficiary designations override instructions in a will, keeping them current is one of the easiest ways to ensure your spouse is financially protected.
As you update these records, consider naming a contingent beneficiary as well. This provides an added layer of protection if both you and your spouse pass away unexpectedly.
Creating or Updating Your Will
A will gives you control over what happens to your assets after you pass away. Without one, state law will decide who inherits your property, which may not reflect your wishes. As newlyweds, creating or updating a will ensures that your spouse is protected and that your estate is distributed according to your preferences.
If you already have a will, take time to review it. You may need to add your spouse as a beneficiary or update specific instructions. It’s also wise to name an alternate beneficiary in case something happens to both of you. For couples planning to have children, a will allows you to designate a guardian. Without this, the court will decide who raises your child if you both pass away.
Power of Attorney, Healthcare Proxy, and Advance Health Care Directives
Life is unpredictable, and having the right legal documents in place ensures that someone you trust can act on your behalf if needed. A power of attorney allows your spouse to handle financial matters for you if you become incapacitated. Without this, they may face legal obstacles when trying to pay bills, access accounts, or manage property.
A healthcare proxy and an advance health care directive (or living will) ensure that your medical wishes are honored if you cannot make decisions for yourself. A healthcare proxy allows you to appoint someone—typically your spouse—to make medical decisions on your behalf. An advance health care directive outlines your specific preferences regarding treatments, life support, and end-of-life care. Without these documents, doctors or family members may be left to decide without clear guidance, which can lead to uncertainty and conflict. Putting these plans in place ensures that your wishes are followed and your spouse has legal authority.
Considering a Trust for Asset Protection
A trust can provide financial security and flexibility for you and your spouse. Unlike a will, a revocable living trust allows assets to pass directly to beneficiaries without going through probate, which can save time and legal expenses. It also lets you retain control over your assets while simplifying future transfers.
For couples with significant assets or blended families, a trust can help ensure property is distributed according to their wishes. It can also provide protection if one spouse becomes incapacitated. We will help you determine whether a trust makes sense based on your goals and needs.
Start Your Future Together with a Solid Plan
Marriage is about building a life together, and estate planning helps protect what you’ve worked for. Taking steps now can prevent complications later and give you peace of mind. At LaFountain & Wollman P.C., we will guide you through the process and ensure your plans reflect your wishes. Contact us today to discuss your estate planning needs and take the next step in securing your future.