First Comes Love, Then Comes Marriage, Then Comes Calling Your South Florida West Palm Beach Probate Attorney: 5 Estate Tips for Newlyweds

So you just got married and now its time for the honeymoon right, its also   time to call up your Palm Beach Probate Attorney for some newlywed estate planning. Your marriage will hopefully result in further assets being earned and eventually children so obviously it may need updated but in case of emergency or unforeseen tragedy you still want to have your estate in order. Here are my five estate planning essentials for newlyweds in South Floirda. Although Florida can sometimes be an “alimony alley” and thus plenty of remarriages as well but this list is focused at the young newlywed. Hats off to the responsible young couple that reads further!

1.  Hit up the HR Dept. For most young adults, their employer manages both their life insurance and retirement accounts. Therefore, advise newlywed clients to visit the human resources department to update beneficiary designations for both life insurance and retirement accounts with the name of their new spouse. Imagine a tragedy that becomes worse as the newlywed spouse who becomes a widow learns they are also not the beneficiaries of these accounts.
2.  Review that life insurance plan. Marriage can be a good time to review life insurance needs. Workplace life insurance can be limited, and if a couple depends upon having both incomes to pay for the rent or the mortgage, or to maintain a certain marital lifestyle, then additional life insurance may be warranted.
3. Make a will and get it executed. Even young newlyweds without many assets should execute basic wills that leave all assets to their spouse. Without a will, state law dictates where certain property passes when an individual dies — and not all such laws leave 100% of property to the spouse such as if the person has children from a previous long term girlfriend ( I know I said I am focused on newlyweds but previous children is always something that is important to address.)
4. Get POA (Power of Attorney) and Health Care Surrogate Documentation Executed.Marriage does not give a spouse the absolute right to make decisions for the other in the event of incapacity. To ensure the spouse is the one who can make medical and legal/financial decisions, each of your newlywed clients should execute a durable power of attorney and a medical advance directive. This will provide them with the ability to make decisions for one another in the case of an accident or other unexpected incapacity. In addition to naming the other spouse under these documents, they should name an alternate in the event of an accident where both spouses are injured.
5. Address Home Ownership. In South Florida its not uncommon for one spouse to own a home prior to marriage, after the wedding it may be advantageous to change the ownership to be joint in order to avoid probate and also to give homestead protections to the other spouse.