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Estate planning tips for newlyweds

Whether you marry when you are 25 or 60, there is a lot you will need to take care of in the immediate future. Planning now will ensure you and your spouse are ready for the future whatever that may hold. 

Estate planning should be in your mind throughout your life. However, most people do not really think about it until they marry for the first time. The wedding day will be a joyous occasion, but make sure you sit down with your spouse after the honeymoon to really talk about your future. 

Create a will

If you do not already have a will, then you need to create one to ensure your assets go to your spouse in the event of your death. Most married couples assume their possessions will go to their spouses, but the truth of the matter is that some of your assets may revert to the state if there is no will in place. A will is still essential even if you do not have a child or own a home yet. 

Update homeownership documents

In the event you do own a home, you may want to update those papers to reflect your new married status. There are numerous advantages associated with this, including tax breaks. It will also help you avoid probate down the line. 

Draft power of attorney

Most married individuals will want to give their spouses power of attorney. This way, if you become incapacitated for any reason, your spouse can make decisions on your behalf. You may also want to create a living will. This tells your spouse what medical decisions to make, such as matters regarding pulling the plug or assigning a legal guardian, in the event you cannot make those choices on your own. This can save your spouse a great deal of stress and confusion should something happen. After you take care of all this, you will want to review your estate plan at least once a year, so you can make updates as necessary.

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Thomas N. Torzewski, LLC

Torzewski & McInerney, LLC
60 Washington St
Suite 104
Morristown, NJ 07960

Phone: 973-532-2868
Fax: 973-359-0077
Morristown Office Location