Getting married is an exciting time, but it’s also a time when estate planning should be a top priority. Estate planning is the process of making arrangements for the management and distribution of your assets in the event of your death or incapacity. It’s essential to take the necessary steps to protect your assets and ensure that your Texas loved ones are provided for, especially when you are about to enter a new chapter in your life.
Update your will or create one if you don’t have one
One of the most important things you can do is create or update your will. A will is a legal document that outlines how your assets will be distributed upon your death.
If you already have a will, it’s important to review it and make any necessary updates to reflect your new marital status. Your will should also name an executor to manage your estate and provide for the distribution of your assets.
Consider a prenuptial agreement
A prenuptial agreement is a legal contract that some couples sign before marriage. It outlines how assets will be divided in the event of a divorce or separation.
While prenups are often associated with high-net-worth individuals, they can be beneficial for anyone entering into marriage.
Review and update beneficiary designations
Many assets, such as life insurance policies, retirement accounts and bank accounts, allow you to name a beneficiary. Married couples should review and update these beneficiary designations as failing to do so can lead to their assets not being distributed according to their wishes.
Consider setting up a trust
A trust is a legal entity that can hold and distribute assets on behalf of your designated beneficiary. Trusts can be useful for protecting assets, reducing taxes and providing for your loved ones.
Discuss end-of-life wishes
While it may be unpleasant, it is important to have a conversation with your spouse about your end-of-life wishes. Estate planning should include decisions about life-sustaining treatment and funeral arrangements.
Starting your marriage with the future in mind
Getting married is a time of celebration, but it’s also a time to think about your future and the future of those you love. By taking the necessary steps to create an estate plan, you can protect your assets and ensure that your loved ones receive the safety and security they need in the event of your death or incapacity.