3 Tips for Newlywed Estate Plans
When you first get married you have a lot to think about. Should you go on a honeymoon? Where will you live? Should you have kids right away? There are also a number of questions that are posed regarding estate planning as a newlywed and you can use the services of estate planning attorneys in Florida at Bakalar and Associates to have these questions answered. While this might not be the first thing on your mind when you get married, there are a number of benefits associated with having a solid estate plan in place. This will protect you as a married couple and help protect your finances.
Check with Your Company’s Human Resources Department
Before you were married you probably listed your parents or a sibling as your beneficiary on things like your life insurance plan. You need to make appropriate changes to all of these items to reflect your spouse. If an unfortunate event takes place, they will be protected in the future.
Prior to marriage most people have separate bank accounts, credit cards, etc. Once you are married you will need to decide what you will be sharing. A joint bank account will give you both access to the money you are sharing. You may want to stick with one credit card that you will share to help build up your credit. Make sure you are both in good financial standing before you start merging accounts to prevent harming your credit score.
Determining who will carry the health insurance usually depends on which spouse has better insurance options. If one spouse’s company offers great coverage at a much more beneficial price than the other provider, this is an easy way to decide who will be carrying insurance for the time being. Don’t forget to make the appropriate changes so both of you are covered moving forward.
If you have questions regarding your estate as a married couple, contact one of the reputable estate planning attorneys in Florida such as Bakalar and Associates. It is important to get a few items of business taken care of right away such as discussing your will and trust. The staff at Bakalar and Associates will make this process simple for you and explain everything that you need to know. Give us a call today.