Getting married is an exciting milestone that comes with a long to-do list – updating addresses, changing tax statuses and merging finances. But one essential task often overlooked is creating or updating your estate plan.
Last week, we covered key estate planning steps for newlyweds. This week, we’re continuing with three more must-dos to safeguard your future.
A living trust: A trust may seem like something only wealthy couples need, but it’s a powerful tool for newlyweds. Whether you’re just starting out or blending established lives, a trust ensures your assets and wishes are honored during your lifetime and beyond.
Unlike a will, a trust avoids the lengthy and expensive probate process, allowing assets to be transferred directly to your spouse or beneficiaries. It also provides control over how and when assets are distributed. For example, you can structure the trust so children only inherit at a certain age or ensure a new spouse is supported while preserving assets for children from a prior relationship.
A trust can also protect your heirs from creditors and legal disputes, reducing potential conflicts between family members. Plus, it allows you to create contingencies, such as requiring an heir to complete education or seek counseling before receiving distributions. Ultimately, a trust gives you long-term control and flexibility, securing your family’s financial future.
A will: Even with a trust, a will is essential. It covers any assets not included in your trust or assigned to beneficiaries and ensures they are “poured over” into the trust for proper distribution.
If you don’t have a trust, your will dictates how your assets are distributed through probate. It can also include charitable donations or establish a trust upon your death, such as for a disabled heir.
Without a will, state laws determine who inherits your assets, which may not align with your wishes. Even if you have minimal assets, having a will ensures clarity and prevents legal complications for your loved ones.
Legal guardians for minor children: If you or your spouse have minor children – or plan to – naming legal guardians is crucial. Guardians are individuals legally designated to care for your children if you pass away or become incapacitated.
Without this legal documentation, decisions about your children’s care could be left to the courts, leading to potential family disputes. Naming both long-term and short-term guardians ensures your children are never placed in the care of strangers, even temporarily.
Marriage marks the beginning of a new journey, and protecting your shared future is vital. While we often assume young couples won’t face tragedy, life is unpredictable. Having an estate plan in place now can prevent unnecessary complications and ensure your new family’s well-being, no matter what the future holds.
STop of Formend your questions to ccolan@colanlegal.com and use “Alpine Mountaineer estate planning question” as the subject. We’ll answer your questions in our upcoming issues.
This article is provided by your local estate planning attorney, Corina Colan.
The Law Office of Corina I. Colan / (909) 265-3315 / www.colanlegal.com
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