Each marriage brings with it new privileges and obligations. If you already have an estate plan made when you were single, you must revise it to reflect your marriage. Estate planning is crucial for married couples. If you are newly married, read more to learn what needs to be done.
Why is estate planning important after marriage?
After you get married, it becomes more crucial than ever to organise your estate so that your spouse and/or children will be taken care of financially in the event of your passing.
Your financial and legal situation changes when you get married in a variety of ways. As a spouse, you may file joint taxes, split income and assets, and receive government recognition as a married couple. All of these things have an impact on how your assets are distributed after your death.
What is marital property?
Your shared property with your spouse is known as marital property. You and your partner own it jointly, which comprises property purchased or acquired with money generated by either spouse during the marriage, active income or asset growth as a result of marriage-related initiatives, and property acquired by both partners while married, for instance, as wedding gifts.
Estate-planning with a Partner
Your estate plans can be altered by how property works in a marriage and the sort of state you live in. It is recommended that you continue to make your individual estate planning even if you are married. Nevertheless, it’s crucial to participate in each other’s plans. This may involve talking about your final intentions, the administration of your estate, and your personal and joint financial and estate objectives.
Can you have separate assets?
Even if it isn’t much, most couples usually tend to have separate property from their partner. It truly depends on how long you’ve been married and what you and your partner agreed was ideal for your relationship before you tied the knot.
These assets belong to you to give away to whoever you like, provided that they did not mix with marital property.
Make sure you have an estate plan set up if you’re engaged, getting married, or were married within the last six months or six years. If you don’t want your family to experience any unnecessary suffering or financial burden after your death or incapacity, hire an attorney to get a plan in place that manages your assets exactly how you want.