After tying the knot, newlyweds have the task of legally blending their lives together. One area that should take priority is estate planning. With the help of an attorney, this practice area is designed to protect both members of the relationship as well as any dependents. Here are three steps you need to tackle first. 

3 Estate Planning Tips for Newlyweds

1. Create a Will

While you can't predict the future, you can plan for the unexpected by drafting a will. Now that you're married, many assets are shared. The point of a will is to ensure that you both get a say how those items or capital is dispersed.

It's also the ideal time to prepare a power of attorney to give your spouse legal rights to make decisions if you become unable. Additionally, both of you should create a health care directive to make sure that your wishes are outlined. 

2. Update Beneficiary Selections

All monetary and investment accounts require the holder to designate a beneficiary. The selection identifies who you would like the funds to transfer to upon your death.

Without it, it could create legal challenges for your spouse to access the accounts. For that reason, it's important to update the beneficiary information at all of your financial institutions for banking and investment funds, including checking accounts and IRAs. 

3. Re-Title Property

Getting married doesn't automatically result in shared ownership of property. If either of you purchased real estate before getting married, you still own that home individually. For your spouse to share ownership, the deed needs to be updated correctly. Work with an attorney to ensure accuracy and avoid future challenges related to the title. 

If you need guidance with the estate planning process, reach out to Privette Law Office in Willow Springs, MO. For over 30 years, residents across Howell County have turned to the attorneys for legal assistance. The local team provides a variety of real estate law and civil litigation services. Browse their practice areas online, and request a consultation today at (417) 469-3535.