Getting Married? Estate Planning Basics to Consider

Getting married is the right time to update your estate plan, especially if you plan to combine finances. A few proactive steps now can prevent confusion and conflict later.

1. Decide what stays separate and what becomes joint
Talk through which assets are:

• Separate property (owned before marriage or inherited), and
• Community/joint property going forward.
  Clarity here affects what happens at death and in the event of divorce.

2. Update beneficiary designations
Retirement accounts, life insurance, and payable-on-death accounts pass by beneficiary designation—not by your will. Make sure these reflect your current wishes.

3. Update or create wills or trusts
Your documents should reflect:

• Your spouse’s rights and expectations
• Any children from prior relationships
• How assets are divided if one spouse dies first

Many couples use either coordinated wills or a joint revocable trust.

4. Address the family home explicitly
Decide:

• Who owns it
• What happens if one spouse dies
• Whether the survivor gets full ownership or a right to live there

This is one of the most common sources of later conflict if left vague.

5. Put incapacity planning in place
Durable powers of attorney and health care directives ensure your spouse can act for you if you’re incapacitated—and that your wishes are followed.

6. Consider a prenuptial or postnuptial agreement
These agreements can work alongside estate planning to:

• Preserve separate property
• Avoid unintended transfers
• Protect children from prior relationships

7. Revisit the plan over time
Marriage, children, home purchases, and retirement are all reasons to revisit and refine the plan.

Clear decisions, updated documents, and aligned expectations are the key to combining finances while protecting both spouses and their families.  Speak to an experienced estate planning attorney for personalized advice to ensure that the correct plans are in place for you.