Getting married is an exciting milestone, and it is also a good time to revisit your estate plan. If you created these documents before your wedding, they may no longer reflect your wishes or the people you want making important decisions on your behalf.
Here are three important updates to consider after you say “I do.”
Review your will
Your will should reflect your new priorities now that you are married. If you already have one, review who inherits your property and whether those choices still make sense. You should also consider whether your spouse is the right person to serve as your executor or if someone else is better suited for that role.
While New York law provides surviving spouses with certain inheritance rights, updating your will helps ensure your plan reflects your specific wishes and can reduce confusion for your loved ones.
Update powers of attorney and health care documents
Marriage is a good time to decide who should make decisions for you if you become unable to do so yourself. Even if you trust the people you named before, your spouse may now be the person you want handling these responsibilities.
Take time to review your financial power of attorney, health care proxy and any advance directives you have signed. Updating these documents helps ensure the right person can act on your behalf when it matters most.
Review beneficiary designations
Some of your assets pass directly to the person you name as a beneficiary instead of through your will. Because of that, it is important to review these designations after you get married and make sure they still reflect your wishes.
Common accounts to review include retirement accounts, life insurance policies and payable-on-death or transfer-on-death accounts. Keeping these designations consistent with the rest of your estate plan can help prevent unintended results for your family.
Start your marriage with an updated plan
Reviewing your estate plan after getting married is one of the simplest ways to make sure it reflects your new life together. Even a few thoughtful updates can help your wishes stay clear and keep your loved ones from facing unnecessary questions later.
If you are unsure whether your current plan still meets your needs, speaking with an estate planning attorney can help you identify any changes that are worth making.