To ensure you can protect your new spouse in the future, contact a local attorney not long after the wedding. Counselors often help newlyweds create estate plans, which covers all current and future assets. To start your new life together, below are a few key points about estate planning. 

What Should Newlyweds Know About Estate Planning?

Combine Insurance Coverage Where Possible

You and your spouse should review each of your insurance plans to determine whether it’s cost-effective to combine policies. For example, a couple is often rewarded to multi-car discounts when both are under the same auto insurance plan. If your job has better health insurance coverage, speak to your employer about adding your spouse to the group health plan.

Create a Last Will & Testament

A local attorney can help each of you draft a last will and testament. The legal document states which individuals stand to inherit your property, finances, and additional assets after you die. Wills also look out for any children you might have down the line, providing instructions as to who will serve as legal guardian if needed. 

Set Up a Joint Tenancy With Rights of Survivorship

The property in a will might be subject to probate. This can be a time-consuming process checking the validity of the will, and that debts are paid before loved ones get their inheritance. To avoid the need for a probate attorney, see what assets can transfer automatically to your spouse upon death. You can do this with ownership of a house by setting up a joint tenancy with rights of survivorship. Ensure your spouse has access to finances by setting up a payable-on-death designation on bank accounts and include them as the beneficiary.

For help protecting your future, contact the local attorneys at Reagan, Melton, & Delaney LLP. Their team of lawyers have over 15 years of experience handling criminal, civil, probate, and family law matters for clients throughout east and southeast Nebraska. For a consultation at the Lincoln office, call (402) 476-6585 or dial (402) 932-9494 for assistance in Bellevue. Learn more about each of the local attorneys online.