{"id":526,"date":"2024-09-26T12:37:02","date_gmt":"2024-09-26T12:37:02","guid":{"rendered":"https:\/\/tfolifeacademy.com\/tfowealth\/?post_type=read_it&#038;p=526"},"modified":"2024-09-26T12:37:02","modified_gmt":"2024-09-26T12:37:02","slug":"just-married-newlywed-estate-planning-cheat-sheet","status":"publish","type":"read_it","link":"https:\/\/tfolifeacademy.com\/tfowealth\/readit\/just-married-newlywed-estate-planning-cheat-sheet\/","title":{"rendered":"Just Married: Newlywed Estate Planning Cheat Sheet"},"content":{"rendered":"<section class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text]<\/p>\n<h2><em>Helps avoid costly financial decisions and ensure stability in turbulent times<\/em><\/h2>\n<p>Congrats on your recent nuptials! Now that you\u2019ve said the vows and enjoyed a relaxing honeymoon, it\u2019s time to get down to business.<\/p>\n<p><strong>Friends with Beneficiaries<\/strong><br \/>\nThe following accounts need to be updated to reflect your spouse as the new beneficiary or transfer on death designation.<\/p>\n<ul>\n<li>Existing Checking\/Savings Account<\/li>\n<li>Life Insurance: Employer-based and standalone policy if you already have one<\/li>\n<li>Investments: Stocks, bonds, mutual funds, etc.<\/li>\n<li>Retirement Accounts: 401(k), IRA, Roth IRA, 403(b)<\/li>\n<li>Military Benefits<\/li>\n<li>Pension: SEP \/ SARSEP<\/li>\n<li>Trusts<\/li>\n<li>Property, titles, and assets that might currently name someone else as the beneficiary (Example: You named a sibling to receive a benefit that your spouse should now be getting)<\/li>\n<\/ul>\n<p><strong>Two Hearts (And Accounts) Become One<\/strong><br \/>\nHere are some accounts you might consider creating or consolidating now that you\u2019re hitched.<\/p>\n<ul>\n<li>Open Joint Banking Account\/Credit Cards: Start off by filling it with the wedding gift money&#8230;if you didn\u2019t spend it all on the honeymoon.<\/li>\n<li>Health Insurance: Marriage qualifies as a special enrollment period so sign up as soon as you can.<\/li>\n<li>Car Insurance: Look into getting a family (a.k.a. umbrella) plan for your household; if the rates are better than what you\u2019re currently paying for stand-alone coverage, go for it.<\/li>\n<li>Mobile Phone Plan: See \u201ccar insurance\u201d above. If you don\u2019t feel like moving your eyes a few inches up this page here\u2019s the gist: If a family plan has a better rate, go for it.<\/li>\n<li>Re-Title Property Ownership Documents: This applies to homes, cars, or other titled assets (usually these pass to your spouse if something happens to you, but better to be safe\u2026)<\/li>\n<li>Duplicate Accounts\/Services: Do you need two Costco accounts? Two Netflix or Amazon Prime accounts? Consolidate these down so you\u2019re not paying for the same thing twice.<\/li>\n<\/ul>\n<p><strong>Here Comes the Will<\/strong><br \/>\nCompared to planning a wedding, getting a will in place is a piece of cake. If there will be babies in your future, or you already have kids, this is where you name the all-important guardian. If you currently have a will, update it to account for your new better half. It\u2019s best to meet with an estate attorney to help make sure everything\u2019s done appropriately &#8212; most attorneys can also safely store the official, signed copy of the will as well. As an added benefit, by hiring a professional you can take care of the next thing on this list too.<\/p>\n<p><strong>Share the Power&#8230;Of Attorney<\/strong><br \/>\nYour Power of Attorney (POA) has power over everything involving your finances. This includes paying bills, managing bank accounts, overseeing investments, signing contracts, and filing your taxes. We recommend meeting with an estate attorney, ideally when you\u2019re creating your Will, to make sure it\u2019s done diligently.<\/p>\n<p><strong>The Sweet Life (Insurance)<\/strong><br \/>\nYou might already have Life Insurance through your job, but is it enough to support your new family if something happens to you? Probably not. Look into meeting with an insurance agent and getting a standalone Term or Whole Life policy.<\/p>\n<p><strong>In Sickness &amp; In Health<\/strong><br \/>\nThe last thing you want to think about right now are the medical decisions you might have to make if you or your spouse gets sick or is the victim of an accident. However, it\u2019s best to make these decisions before serious health concerns pop up without warning. Creating an Advance Directive, which is comprised of your Living Will and naming a Health Care Proxy, is simple and painless. Not creating one can be difficult and painful should the situation arise. Find your state\u2019s Advance Directive form, fill it out, sign it, keep it somewhere your spouse can easily access it, and rest easy knowing you may have just removed a huge burden off your family\u2019s shoulders.<\/p>\n<p><strong>Can We See Some ID?<\/strong><br \/>\nWe accumulate a lot of identification and official documentation throughout our lives. Now\u2019s the time to get it all sorted and organized in case you need it to buy a house, get insurance, or do other adult things. Here\u2019s a rundown:<\/p>\n<ul>\n<li>Marriage Certificate<\/li>\n<li>Birth Certificate<\/li>\n<li>Social Security Card (or a place where your spouse can easily find your social security number)<\/li>\n<li>Passport<\/li>\n<li>Armed Forces ID \/ Discharge Papers<\/li>\n<li>Citizenship Documentation<\/li>\n<li>Prenuptial or Postnuptial Agreement<\/li>\n<li>Divorce Decree (from previous marriages)<\/li>\n<li>Documents related to any children you already have (example: adoption or legal guardianship papers)<\/li>\n<\/ul>\n<p><strong>Let\u2019s Get Digital<\/strong><br \/>\nSharing passcodes and passwords to the following devices and systems can be extremely helpful. It can also prevent lots of headaches if one of you can never seem to remember the Wi-Fi password:<\/p>\n<ul>\n<li>Mobile Phone(s)<\/li>\n<li>Computer(s)<\/li>\n<li>Tablet<\/li>\n<li>Home Security System<\/li>\n<li>Wi-Fi<\/li>\n<\/ul>\n<p>Along these lines, there are also a bunch of digital accounts and online services you\u2019ll be sharing with your spouse to make sure the household runs smoothly. Here\u2019s a quick rundown of such things:<\/p>\n<ul>\n<li>Password Manager: If you use a password manager, and you probably should, your master password is the most important one to share.<\/li>\n<li>Home Utilities: Power, cable, phone, etc.<\/li>\n<li>Health \/ Medical: insurance provider, prescription services<\/li>\n<li>Financial \/ Money Management: Autopayments, budgeting<\/li>\n<li>Entertainment: video, music, gaming<\/li>\n<li>Food \/ Shopping \/ Delivery Services<\/li>\n<li>Cloud Storage: Photos, media<\/li>\n<li>Travel \/ Ticketing \/ Rewards: frequent flyer miles, reward points<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>Advisory services provided by TFO Wealth Partners, LLC. We believe this information provided is reliable, but do not warrant its accuracy or completeness. It is provided for informational purposes only and should not be construed as legal or tax advice. Laws may change pursuant to the new administration\u2019s legislative agenda. Always consult an attorney or tax professional regarding your specific legal or tax situation.<\/p>\n<p>295aWP \u2013 2024.09[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/section>","protected":false},"excerpt":{"rendered":"<p>Have you recently had a family member get married?! If so, please forward this estate planning cheat sheet checklist we\u2019ve compiled for the newlyweds.<\/p>\n","protected":false},"featured_media":527,"template":"","read_it_category":[21],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Just Married: Newlywed Estate Planning Cheat Sheet - TFO Life Academy<\/title>\n<meta name=\"description\" content=\"Have you recently had a family member get married?! 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