Getting Married? Time To Update Your Estate Planning Documents

If you just got married congratulations, but now that the celebrating is over, it is time to update your estate planning documents. Here are some tips on what should be updated on your estate planning documents after marriage.

1. A marriage changes the way your family is structured, so it is important to update your estate plans accordingly.

2. You will want to add your new spouse as a beneficiary, as well as add or remove any property that might have been gained or lost after the marriage.

3. In the process of updating your estate planning documents, you will want to make sure that your last name is updated on your documents to match the last name that you have listed on your marriage certificate.

4. Make sure to update your health care proxy. It is not mandatory that you change your health care proxy, however many people choose to name their spouse as their health care proxy.

5. It is important to update the beneficiary on your life insurance policies, retirement accounts, and your bank account’s payable on death designation.

6. Check to see if your state is a community property state, such as California or Texas. This is because if you get divorced, any property that acquired during the marriage is considered “community property,” and it will be divided evenly between the two of you. Arizona is not a community property state.

7. If you got married and stepchildren are in the picture, you will want to add them to your documents as beneficiaries, how you see fit. Also, if they are minors you will want to name someone as a guardian if both of their biological parents are no longer alive or fit to do so.

8. It is important that you not only update your estate planning documents after marriage, but it is also important to lookover them and update them accordingly, as well as update them right after a life changing event. For example, marriage, divorce, birth, or death.

Need Help?

If you are not sure as to what legal document you currently have contact one of our professionals to help you with your planning needs. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.