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Newlywed estate planning

Estate planning is an important topic that newlyweds in Nevada should take the time to discuss even though it may be far from their minds. After getting married, spouses should update their estate plans so that they are prepared for the unexpected.

Before updating wills, spouses might want to take the time to change the beneficiaries on all of their financial accounts. The beneficiary designations can be updated on bank accounts, insurance policies, retirement accounts and investment accounts. Spouses may also want to consider choosing a secondary beneficiary for the accounts in the event that they both pass away.

Newlyweds who already have wills in place may need to update the documents after getting married. If one or both spouses haven't written their wills yet, it may be a good time to do so. While writing or updating wills, they should also make sure that all of their assets are titled properly. If there are a significant amount of assets, a couple might want to consider setting up a trust for tax planning purposes. During the estate planning process, spouses should also consider setting up a durable power of attorney. Doing this will ensure that each spouse has the authority to handle the other spouse's financial affairs in the event one becomes incapacitated.

Newlyweds who are thinking about updating their estate plans might want to speak with an attorney who has experience with these matters. If a couple has a sizable estate, an attorney may be able to help the spouses to put trusts in place that may help to lower their tax burden. An attorney may also help ensure that spouses include other important aspects of estate planning such as medical directives.

Source: The Motley Fool, "Estate Planning for Newlyweds", Anna Wroblewska , December 29, 2014

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