What Newlyweds Need to Know About Estate Planning

Marriage is one of life’s most exciting milestones – a time filled with hope, love, and the promise of a shared future. As newlyweds begin blending their lives together, it’s easy to get caught up in the joyful details of married life: choosing a new home, merging finances, and planning future adventures.

However, one essential task often overlooked by couples in these early days is estate planning.

While it may not be the most romantic subject, estate planning is one of the most meaningful ways to protect one another and secure your future together. At The Blanchard Law Firm, we believe that every couple deserves peace of mind knowing their legal, financial, and healthcare wishes are clearly documented and legally protected.

In this month’s blog post, we’ll walk you through the key estate planning steps newlyweds should consider as they build their life together.

Why Estate Planning Matters for Newlyweds

Many people assume that estate planning is something to tackle later in life – perhaps after having children, buying a home, or nearing retirement. The truth is, creating an estate plan early in your marriage can prevent complications and ensure your spouse is cared for in the event of the unexpected.

Without an estate plan in place:

• State laws may determine who inherits your assets if you pass away.
• Courts may appoint a guardian or conservator if one of you becomes incapacitated.
• Family disagreements or legal battles could arise over important decisions about your healthcare, property, or personal wishes.

 

Estate planning empowers couples to make these choices themselves while reducing stress and uncertainty for loved ones during difficult times.

 

Key Estate Planning Steps for Newlyweds

1. Review and Update Beneficiary Designations

Many financial accounts, retirement plans, and insurance policies allow you to designate a beneficiary who will receive the proceeds upon your death. Common examples include:

• 401(k) and IRA accounts
• Life insurance policies
• Bank and investment accounts

 

As newlyweds, it’s important to review these designations and update them to reflect your spouse if desired. Beneficiary designations often override the instructions in a will, so keeping them current is critical to ensuring your wishes are followed.

2. Create or Update Your Will

A will is the foundation of any estate plan. It allows you to specify:

• Who will inherit your property and assets
• Who will serve as executor to manage your estate
• Guardianship preferences if you have or plan to have children

 

For newlyweds, drafting a will ensures your spouse is legally recognized as your primary heir and decision-maker, avoiding potential legal complications if something happens.

If you already have a will, it’s essential to update it after marriage to reflect your new marital status and shared priorities.

3. Consider Establishing a Trust

While not every couple needs a trust, it can be a valuable tool for those looking to manage how assets are distributed. A revocable living trust allows you to place property and accounts in a trust during your lifetime, which can then be managed or transferred without going through probate.

Benefits of a trust include:

• Avoiding the time and expense of probate court
• Protecting privacy, as trusts aren’t part of the public record
• Ensuring continued financial management if one spouse becomes incapacitated

 

Couples with significant assets, blended families, or unique estate planning goals should consider discussing trust options with an estate planning attorney.

4. Draft Advance Healthcare Directives

An advance healthcare directive, sometimes known as a living will, outlines your medical treatment preferences in situations where you are unable to communicate your wishes. This document may include decisions about:

• Life-sustaining treatments
• Resuscitation orders (DNR)
• Organ donation

 

In addition to a living will, it’s wise to appoint a healthcare proxy or power of attorney for healthcare, granting your spouse (or another trusted person) the legal authority to make medical decisions on your behalf.

Newlyweds often assume their spouse would automatically have this authority, but without a legal directive, this isn’t guaranteed. Having formal documents in place ensures your wishes are respected and your spouse can advocate for you without delay.

5. Set Up Financial Powers of Attorney

A durable power of attorney allows you to designate someone – typically your spouse – to handle financial matters on your behalf if you become incapacitated. This authority can include:

• Paying bills
• Managing bank accounts and investments
• Selling or transferring property

 

Without a power of attorney, your spouse may need to petition the court for legal authority, which can be time-consuming and stressful during an already challenging period.

By creating a financial power of attorney, you provide your spouse with the ability to manage your financial affairs efficiently if needed.

6. Discuss Digital Asset Management

In today’s digital world, estate planning should also address your online presence and digital assets. These might include:

• Social media accounts
• Online banking and investment portals
• Email accounts
• Cloud storage

 

Deciding how you want these accounts handled and providing access information ensures a smooth transition and prevents complications for your spouse. Many platforms now offer legacy options that allow you to designate a digital heir.

7. Reevaluate Life and Disability Insurance

Marriage often means increased financial responsibilities. Life and disability insurance can provide vital financial support if one spouse passes away or is unable to work due to illness or injury.

Newlyweds should:

• Review existing policies
• Update beneficiaries
• Consider purchasing additional coverage to protect against future risks, such as mortgage payments or family planning

 

Consulting with a financial advisor or insurance specialist can help you determine appropriate coverage based on your shared goals and obligations.

8. Organize Important Documents

A well-organized system for your important legal and financial documents can save time and confusion in an emergency. Create a secure, centralized location for:

• Marriage certificate
• Birth certificates
• Social Security cards
• Insurance policies
• Estate planning documents
• Property deeds and titles
• Financial account information

 

Make sure both spouses know where these documents are stored and how to access them.

When Should Newlyweds Start Estate Planning?

The best time to start estate planning is shortly after marriage. Life can be unpredictable, and having legal protections in place early on ensures your spouse and future family are safeguarded. Additionally, certain events should trigger a review of your estate plan, including:

• The birth or adoption of a child
• Major asset purchases (home, business)
• Significant changes in income or financial status
• Relocation to a different state
• Divorce or remarriage

 

Even if no major changes occur, it’s wise to periodically review your documents to ensure they still reflect your current wishes. Laws and financial circumstances can change over time, which may impact the effectiveness of your existing plan.

Keeping your estate plan up to date helps avoid legal complications and provides continuous peace of mind for you and your loved ones. It also ensures that new assets, investments, or family members are properly accounted for.

Starting early establishes a healthy habit of financial and legal planning as your marriage and family evolve. We recommend reviewing your estate plan at least every three to five years or after any major life event.

Work with an Experienced Estate Planning Attorney

While online templates and DIY resources are widely available, estate planning is a highly personal and legally sensitive process. Working with a qualified attorney ensures your plan complies with state laws, addresses your unique needs, and provides comprehensive protection for your family.

At The Blanchard Law Firm, we specialize in guiding newlyweds through the estate planning process with clarity, compassion, and customized solutions. Our team will help you:

• Draft essential documents
• Discuss your options
• Address future family planning
• Protect your assets and legacy

Start Protecting Your Future Together Today

Marriage is about more than combining households – it’s about building a secure, shared future. Thoughtful estate planning helps newlyweds protect one another, honor their values, and prepare for whatever life may bring.

Whether you’re newly married or approaching your first anniversary, now is the perfect time to take proactive steps toward a comprehensive estate plan. The peace of mind it brings is one of the most meaningful gifts you can give each other.

Contact our team today to schedule a personalized estate planning consultation and start your married life on a strong, secure foundation!