When people tie the knot, many aspects of their lives change and there are various factors to take into consideration. For example, lives change with respect to daily schedules and there are future changes couples think about as well, such as the decision to have kids. These issues tie into estate planning and it is imperative for newlyweds to think about setting up an estate plan also. Some people wrongly assume that it is okay to neglect estate planning considerations until later in life, but there are multiple reasons why setting up an estate plan at a younger age is important. Moreover, those who get married later in life also have key factors to consider with respect to estate planning.
Many aspects of a couple’s financial circumstances require careful consideration with respect to estate planning, such as beneficiaries that come into the picture, joint financial accounts and the assets of each party. Sometimes, people have an estate plan in place prior to their marriage and these estate plans often require revision. Moreover, if a couple plans to have children, it is vital for them to look into naming a guardian and other ways in which their estate plan will impact their children.
These are just a few key issues that newlyweds should explore with respect to estate planning. Having an effective will or trust in place is a great way to start a new life with someone and these plans provide peace of mind and reassurance that key financial issues (as well as unexpected crises) are accounted for. Head over to our page on this topic to read other issues related to creating or modifying an estate plan.