Why Newlyweds Should Update Their Estate Plans
If you have just gotten married, executing your estate plans should be your next order of business. If you already have the plans in place, you need to update them. Below are some of the reasons you shouldn't delay this crucial task.
New Beneficiaries
You're likely to acquire new beneficiaries after your marriage. Your spouse, your children, and your spouse's relatives, such as the in-laws, are beneficiaries you may acquire. These are people who might not have been in your life before. As such, they are probably not included in your estate plans. Updating your estate planning documents will help you to accommodate these new beneficiaries. For example, if you have multiple properties and you had left them all to your parents, you may decide to redistribute them and leave some for your spouse.
Potential Kids
Marriage often comes with kids, sometimes even immediately; for example, your spouse may have a child from a previous relationship. Since most of the estate planning services are geared toward the future, you may want to update your documents to take care of your children's futures. For example, you may want to set up a trust fund to help your children complete their education in case you are not there to help them.
New Properties
The acquisition of new properties always calls for updates to estate planning documents. Many people acquire new property when they get married. For example, your partner may give you a portion of their business or properties. You need to update your estate plans to include these newly acquired properties.
Changed Mindsets
Many people re-evaluate their goals or outlook on life after getting married. For example, maybe you used to be in favor of pulling the plug if you ever went into a prolonged coma, but after getting married, you have changed your mind because you have others who depend on you and care for you. Updating your estate planning documents allows you to incorporate your new beliefs into your advanced medical directives.
New Names
Some people change their last names when they get married. Once you change your name, you also need to update your estate planning documents so that they can reflect your new name. Otherwise, you risk causing legal challenges upon your death. Unsatisfied beneficiaries can easily argue that your estate planning documents are not genuine or valid because of the difference in names.
For more information, reach out to estate lawyers near you.