Newlyweds

Divorce is more common now than it was in the past, as is remarriage. Depending on how long a prior marriage lasted, the former couple may have engaged in certain levels of estate planning together. When that is the case, it is important to understand how a subsequent marriage can impact the estate planning from a prior marriage. If you or someone named in your estate planning documents has remarried, there are several major issues that you should be aware of as well as steps you should take to ensure your estate planning continues to be appropriate for your current situation.

Your wedding is over, and the day was absolutely perfect. You went away on your honeymoon with your new spouse and had the time of your lives. Now you are back and can breathe a sigh of relief and watch the rest of the years ahead unfold before your eyes. Well, not so fast. Now that your honeymoon is over, there are several things you should be mindful of to make sure that the legal and financial parts of your life properly reflect your newly married status.
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If you are recently married or have been married and are acquiring additional assets, know that you have options when it comes to how the property will be titled. And, although joint tenancy seems like an easy and convenient choice, it may not work as well as you would think.

What is Joint Tenancy?

After getting married, it is common for couples to take title to one another’s bank accounts, brokerage accounts, personal property, and other assets as joint tenants with rights of survivorship (JTWROS). An asset that is titled as JTWROS is owned by at least two people with each party (or tenant) having an equal right to the asset. Each tenant is also afforded survivorship rights in the event one of the other tenants passes away.
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It’s that time of year – the time for beautiful weddings, fun receptions, delicious cakes, special gifts, and romantic honeymoons.  While this is a joyous time for everyone, it’s also time for you and your new spouse to plan for your future – for richer or for poorer, in sickness and in health. 

Why Newlyweds Need to Plan Their Estates

Why should newlyweds care about estate planning?  Because everyone – young or old, married or single – needs to protect themselves and those they love.

Unfortunately, many couples spend more time planning their honeymoon than they do planning the best way to protect each other.   

What Happens Without an Estate Plan?

This fallout of becoming incapacitated or dying without an estate plan is serious, expensive, and painful.