Glorious Spring is in the air with sweet Summer just behind, which means it’s wedding season.
Planning one of the most important moments of our life is so exciting…and exhausting. All the wonderful details of guest lists, venue selection, and floral arrangements, can leave little time for anything else. At One Financial Services, we believe there are a few other details the bride and groom should consider and that is their soon-to-be-joint financial future.
As unromantic as it may sound, couples should discuss having a pre-nuptial agreement, especially if one party has more assets than the other, or if there are children from a previous marriage whose interests need to be considered. A pre-nup can also be particularly important should there be a premature death or a divorce.
Even if one or both parties come into a marriage with an estate plan, it will be out of date the moment you say “I do”. There will need to be an update to beneficiaries, power of attorney, and healthcare directives. New or updated wills should be created to reflect each person’s wishes regarding the distribution of assets.
There are aspects of an estate plan that takes place outside of a will or a trust. Even if the will or trust are updated, the beneficiary designations must be separately updated. It will be necessary to indicate if you want your future spouse to be a beneficiary of life insurance, IRAs, or other pay on death accounts.
Where to live may be one of the first important decisions a couple will make. Perhaps you will purchase a residence together with both of you contributing financially and the deed in both names. There may be an option to move into a residence already owned by one of the parties. In that case, will both names be added to the deed, and in the event of a death does the property pass to the survivor or simply have the right to occupy the property for a specific amount of time.
An important goal in marriage is to protect a spouse and make sure they are taken care of in the event of our death. Since many couples rely on two incomes, it’s important to plan on how to replace that income. The right life insurance can provide a lifetime of security for a loved one.
At One Financial Services, we think of our clients like family, and as a family, we look forward to helping you review these and other financial options as you and your future spouse embark on this exciting new journey.
This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation.