Common Estate Planning Mistakes People Make after Tying the Knot
Wedding season is upon us, which means many couples will be going through one of life’s major rites of passage. Getting married is a huge step that changes everything from finances to the cost of health insurance.
Unfortunately, a lot of newlyweds make major blunders when it comes to estate planning. If you’re planning on tying the knot this summer, here are some common mistakes to avoid.
Not Making an Estate Plan
Most young people assume that estate planning is something you do when you’re older. In reality, all adults should have an estate plan. Your estate plan is about much more than simply giving away your “stuff” when you die. A well-crafted estate plan allows you to name a trusted individual – like your new spouse – to oversee your finances and your health if you become too sick to look after yourself. If you’re on life support with no chance of recovery, important estate planning documents give your loved ones the right to authorize medical personnel to allow you to pass away. These are considerations that apply to people of all ages.
Assuming You Can Get by with an Internet Will
Do-it-yourself projects are popular with newlyweds. Do-it-yourself wills shouldn’t be a project you attempt to take on. Although the Internet is a phenomenal source of nearly limitless information, estate planning is a highly specialized area of law. To be enforceable, a Florida will must comply with strict state requirements. The popular legal forms websites that advertise on television blatantly state on their own websites that their documents are not reviewed by a licensed attorney.
Failing to Update Beneficiary Designations
Many people neglect to update their beneficiary designations after they get married. If you have a 401(k), life insurance policy, or other contract-based account, you must update the beneficiary designation form with your new spouse’s name – assuming you wish to add your spouse as a beneficiary. This is especially important for individuals who are marrying for a second (or more) time after a divorce, as Florida Statute Section 732.703 doesn’t automatically void beneficiary designations for federal benefits, benefits governed by another state’s laws, and other exceptions.
Florida Estate Planning Attorney
Whether you’re on your first marriage or your fifth, it’s important to plan properly. Creating a comprehensive estate plan can give you peace of mind and a positive outlook regarding the future with your new spouse. Call me today at (772) 220-9699 to learn more and to discuss your goals.
This website has been prepared by Gregory H. Zogran, P.A. for informational purposes only and does not, and is not intended to, constitute legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice from an attorney licensed in your jurisdiction.