CA Estate Planning Blog

Thursday, May 30, 2019

Pre-marital Estate Planning Tips

Planning a wedding is not only an exciting experience, it’s also a good time to consider how your estate planning needs will change. By working with the right estate planning attorney, you can chart a better course for your financial future before you say “I do.” Although these may be complicated issues to hash over with your future life partner, being prepared is the responsible thing to do. Let’s take a look at 5 critical issues that should be addressed before you tie the knot.

1. Reviewing Life Insurance Policies

Let’s face it: confronting your own mortality is never easy and even less so as you are planning your wedding. However, life is uncertain at best and accidents can happen at any time. If you lost your spouse soon after the marriage, would you be able to cover the rent or a mortgage on a new home? Life insurance is designed to provide financial support after the loss of a spouse. If you already have life insurance, make sure the beneficiary designations have been updated (see below).

2. Creating or Updating a Will

Given the fact that roughly two-thirds of adults in the U.S. don’t have a will, it should come as no surprise that many newlyweds don’t have an estate plan. If you and your partner do not have a will, consulting an estate planning attorney before your marriage can help you address financial concerns as well as issues such as health care directives and retirement planning. If you already have a will, however, you should discuss updating it with your attorney.

3. Updating Beneficiary Designations

As mentioned above it is crucial to update the beneficiary designations on any life insurance policies, as well as any other assets (e.g. retirement accounts) that also have beneficiary designations. Because these assets pass directly to the named beneficiary outside of probate, your beneficiary designations should be aligned with your estate plan.

4. Protecting Inheritance for Children

If you have children from a prior marriage or relationship, it is crucial to protect their inheritance rights. While a prenuptial agreement can help to clarify each partner’s property rights, a well-conceived estate plan allows you to name a guardian to care for your children after your death as well as a trustee to protect any inheritance you intended for them.

5. Planning for Incapacity

To protect your assets and your wellbeing, your and your partner should discuss who will make medical and financial decisions in the event either of you is unable to do so because of an accident or illness. Your estate planning attorney can help you put in place the needed durable powers of attorney and advance medical directives to address these issues.

The Takeaway

No one likes to think about dying or becoming incapacitated, especially when planning a marriage. Nonetheless, estate planning and wedding planning should go hand in hand so that you are your partner are protected.

Archived Posts

2019
2018
2017
2016
December
November
October
September
August
July
June
May
April
March
February
January
2015
2014
2013
2012
2011
2010
2009



© 2019 OC Wills and Trust Attorneys | Disclaimer/Privacy Notice
15615 Alton Parkway, Suite 450, Irvine, CA 92618
| Phone: 949.347.5256
26050 Acero, Mission Viejo, CA 92691
| Phone: 949.347.5256
17011 Beach Blvd, #900, Huntington Beach, CA 92647
| Phone: 949.347.5256

Overview | | Practice Areas | Resources | FAQs | About Us

FacebookGoogle+TwitterLinked-In CompanyYouTube

Attorney Web Design by
Amicus Creative