Marrying the love of your life is a beautiful moment you will always remember. After the wedding, however, you now have a financial and legal obligation to your spouse. Proper estate planning will help you both develop a strong financial foundation to build your new life together. 

Updating Your Beneficiaries

Now that you’re married, you’ll need to update your financial accounts to name your spouse as your beneficiary in the event of your passing. Many people remember to change their life insurance status and trusts. However, you should also update your retirement accounts, such as your Roth IRA or 401(k), as well as your checking account and any property titles you hold. 

Combining Accounts

If you and your spouse had individual financial accounts before marriage, you might want to open up joint accounts or consolidate the ones you have. This step will give you both equal access to necessary accounts, plans, and documents that are necessary for dealing with everyday life.

For instance, you may consider opening a joint credit card or a health insurance plan that covers the two of you. Even smaller accounts, like streaming services, can be consolidated down to one plan to save money and make things more convenient. 

Making a Will

It’s best for you and your spouse to draft wills soon after marriage instead of waiting until old age. This legal document will help you both make crucial decisions should one of you pass away.

For instance, the will can name an executor of your estate, explain how your assets should be divided, and name a guardian for your children. Though it can be challenging to create a will on your own, a knowledgeable attorney will help you through the process. 

For more estate planning tips, turn to the attorneys at Pater, Pater & Halverson based in Hamilton, OH. With over 90 years of combined experience, this skilled law team offers a range of services, from wills to criminal defense to personal injury. Experience their legal expertise yourself by calling (513) 867-1411 to discuss your case. You can also visit their website to learn more about their areas of practice.