Even before you started planning a wedding, you and your future spouse have probably been dreaming of the life you’ll build together. Unfortunately, life is always unpredictable, so it’s essential to plan for the possibility of something happening to one of you. Below are a few estate planning tips to protect your new spouse and your assets.

3 Estate Planning Tips for Newlyweds

1. Change the Beneficiary Designations on Your Accounts

Many bank accounts, 401(k)s, and other investment vehicles have “transfer-on-death” features that allow someone you choose to access the funds without going through probate.

These designations aren’t automatically updated when you get married, so revise each account to ensure your spouse is listed as the beneficiary. Some states also allow you to list beneficiaries on real estate deeds and vehicle registrations.

2. Update Your Life Insurance Policy

You and your spouse will likely make some major financial commitments, including investing in a house, buying cars, and starting a family. If you were to pass away unexpectedly, your partner might not be able to meet these obligations. Updating your life insurance ensures they have the resources to continue pursuing their dreams if something happens to you.

3. Write New Wills

A will is the foundation of estate planning, giving you the power to decide what happens to your belongings after you’re gone. Each state gives spouses automatic inheritance rights, which may not conform to your wishes.

Careful estate planning is especially crucial if you want to leave property to a friend, have family heirlooms to pass down, or children from a previous marriage.

For over 30 years, the attorneys at Lane, Felix & Raisbeck CO, LPA have provided detailed legal advice to newlyweds throughout the Cincinnati area. Their experienced attorneys will take the time to guide you through the options, help clarify your goals, and create an estate plan designed to meet your needs. Visit their website for an overview of their legal services and call (513) 922-7700 to schedule a consultation with an attorney.