Summer Weddings and Estate Planning Blog

Summer Weddings and Estate Planning: What Newlyweds Need to Know
Summer is a popular time for weddings, with many couples choosing to tie the knot during the
warmer months. While wedding planning can feel like a full-time job, it's important for
newlyweds to also consider their estate planning needs. Starting married life with a clear and
comprehensive estate plan can provide peace of mind and ensure that both partners are protected.
Here's what newlyweds need to know about estate planning.
Why Estate Planning is Crucial for Newlyweds
Estate planning is not just for the wealthy; it's essential for anyone who wants to ensure their
wishes are followed and their loved ones are taken care of. For newlyweds, it’s a way to legally
formalize decisions about property, finances, and healthcare. Here are some key reasons why
estate planning should be a priority:
1. Protecting Each Other: If one spouse passes away without a Will, Massachusetts law
will determine how assets are distributed, which might not align with your wishes. These
are known as Massachusetts Intestacy Laws, which you can read more about here.
While many newlyweds assume that if a misfortune were to happen, that everything
would automatically be transferred to their new spouse, this is not always the case. An
estate plan ensures that your spouse inherits what you intend.
2. Blending Finances: Marriage often involves combining financial resources and
responsibilities. An estate plan can help manage these changes effectively. It is also
important to consult an experienced estate planning attorney, such as those at Lane, Lane
& Kelly, to discuss other strategies such as naming beneficiaries and using pay-on-death
designations for all bank accounts.
3. Healthcare Decisions: In the event of a medical emergency, having healthcare proxies
and durable powers of attorney in place allows each spouse to make medical and
financial decisions on behalf of the other. While nobody enjoys planning for catastrophe,
having the proper healthcare documents in place before your wedding, or more
importantly before a honeymoon where you may be in a different country is essential to
guaranteeing that you and your spouse can legally make these decisions for one another
should one become incapacitated.
4. Future Planning: Estate planning is also about planning for the future, including
potential children and long-term financial goals. Many new spouses already go through
formalized planning before tying the knot such as pre-canna and other financial
responsibility courses. Using this time to also consider estate planning goals and
consulting with an attorney to put a plan together ensures you have peace of mind well
beyond your big day.
Essential Estate Planning Steps for Newlyweds
1. Update or Execute Your Will: If you had a Will before marriage, update it to reflect
your new status and include your spouse. If you don't have a Will, now is the time to
create one.
2. Establish Trusts: Trusts can be an effective way to manage and distribute your assets.
They can provide for your spouse, manage wealth, and avoid probate. If you already have
a trust in place, it is important to add your spouse as a Trustee, a beneficiary, or both. For
more information on the different parties in your estate plan, read more here.
3. Name Beneficiaries: Review and update beneficiary designations on life insurance
policies, retirement accounts, and other financial assets.
4. Set Up Powers of Attorney: Designate your spouse as your healthcare proxy and
durable power of attorney to make medical and financial decisions on your behalf if
you're unable to do so.
5. Review Property Ownership: If you own property, consider how it's titled. Joint
tenancy with right of survivorship allows the property to pass directly to your spouse
without going through probate. In Massachusetts, tenancy by the entirety is a form of
joint ownership that is only available to married couples. If you or your spouse owns
property, it is important to work with an estate planning attorney to update the deed to
your property to reflect both you and your spouse as tenants by the entirety.
Special Considerations for Blended Families
If either spouse has children from a previous relationship, estate planning becomes even more
critical. Clearly outline how assets should be distributed among your current spouse and children
to avoid conflicts and ensure everyone is provided for according to your wishes. This can also be
done using different types of trusts to provide for both your spouse and your children in
accordance with your wishes.
The Importance of Professional Guidance
Estate planning can be complex, and every couple’s situation is unique. Consulting with an
experienced estate planning attorney such as those at Lane, Lane & Kelly can help ensure that all
legal requirements are met and that your plan reflects your specific needs and goals.
Starting your marriage with a comprehensive estate plan is a gift to yourselves and your future
family. It provides clarity, reduces potential conflicts, and ensures that your wishes are honored.
As you enjoy your new life together, take the time to protect what matters most by putting a solid
estate plan in place.
For more information on estate planning and to schedule a consultation, contact Lane, Lane &
Kelly. We’re here to help you secure your future and protect your loved ones.

Summer Weddings and Estate Planning Blog

Uploaded by

Copyright:

Available Formats

Summer Weddings and Estate Planning Blog

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Summer Weddings and Estate Planning Blog

Uploaded by

Copyright:

Available Formats

Summer Weddings and Estate Planning: What Newlyweds Need to Know

Why Estate Planning is Crucial for Newlyweds

Essential Estate Planning Steps for Newlyweds

Special Considerations for Blended Families

The Importance of Professional Guidance

You might also like