After months of planning a wedding, the big day is finally over, and you and your spouse are settling in to life together. Of course, this means it is time for a some more planning — planning how to provide for each other in the long run. Estate planning is often something that gets ignored until middle age or later, but newlyweds of any age have some very important estate planning matters to consider.
Building a life together is an exciting step to take in any relationship, and many newlyweds do not want to think about a future where one of them passes away. However, this is a very real part of marriage, and as spouses you should sit down together and work thorough these issues. One of the most important aspects of long-term planning is life insurance. Life insurance ensures that spouses have all they need to get back on their feet and live well when one passes away before the other.
However, getting a life insurance policy is not the end of the road. Sometimes a life insurance policy payout triggers taxes that your spouse does not expect, or creditors may swoop in and attempt to satisfy debts from the payout. To protect against some of these possibilities, you may consider establishing a trust to protect the policy and other large assets that you want to ensure remain with your spouse if the unthinkable happens.
Your family’s needs are not one-size-fits-all, which is why personal guidance is crucial in this process. An experienced attorney can guide you through your estate planning options so that you can choose the products and benefits that truly meet your family’s needs.
Source: Findlaw, “We Do: 4 Important Newlywed To-Dos,” accessed Sep. 22, 2017