Just Married: Newlywed Estate Planning Cheat Sheet

Friends with Beneficiaries

The following accounts need to be updated to reflect
your spouse as the new beneficiary or transfer on
death designation.

• Existing Checking/Savings Account

• Life Insurance: Employer-based and stand-

  alone policy if you already have one

• Investments: Stocks, bonds, mutual funds, etc.

• Retirement Accounts: 401(k), IRA, Roth IRA,
  403(b)

• Military Benefits

• Pension: SEP / SARSEP

• Trusts

• 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)

Two Hearts (And Accounts) Become One

• Here are some accounts you might consider creating
  or consolidating now that you’re hitched.

• Open Joint Banking Account/Credit Cards:
  Start by filling it with the wedding gift
  money…if you didn’t spend it all on the
  honeymoon.

• Health Insurance: Marriage qualifies as a
  special enrollment period so sign up as soon
  as you can.

• Car Insurance: Look into getting a family (a.k.a.
  umbrella) plan for your household; if the rates
  are better than what you’re currently paying for
  stand-alone coverage, go for it.

• Mobile Phone Plan: See “car insurance” above.
  If you don’t feel like moving your eyes a few
  inches up this page here’s the gist: If a family
  plan has a better rate, do it up.

• 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 safe…)

• Duplicate Accounts/Services: Do you need two
  Costco accounts? Two Netflix or Amazon
  Prime accounts? Consolidate these down so
  you’re not paying for the same thing twice.

Here Comes the Will

Compared 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’s best to meet with an estate
attorney to help make sure everything’s done
appropriately — 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.

Share the Power…Of Attorney

Your 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’re creating your Will, to make sure it’s
done diligently.

The Sweet Life (Insurance)

You 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 stand-alone Term or Whole Life policy.

In Sickness & In Health

The 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’s 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’s
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’s shoulders.

Can We See Some ID?

We accumulate a lot of identification and official
documentation throughout our lives. Now’s 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’s a rundown:

• Marriage Certificate

• Birth Certificate

• Social Security Card (or a place where your
  spouse can easily find your social security
  number)

• Passport
• Armed Forces ID / Discharge Papers
• Citizenship Documentation
• Prenuptial or Postnuptial Agreement
• Divorce Decree (from previous marriages)
• Documents related to any children you already
  have (for example adoption or legal guardianship
  papers)

Let’s Get Digital

Sharing 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 Wifi password:

• Mobile Phone(s)

• Computer(s)

• Tablet

• Home Security System

• Wifi

Along these lines, there are also a bunch of digital
accounts and online services you’ll be sharing with
your spouse to make sure the household runs
smoothly. Here’s a quick rundown of such things:

• Password Manager: If you use a password
  manager, and you probably should, your
  master password is the most important one to
  share.

• Home Utilities: Power, cable, phone, etc.

• Health / Medical: insurance provider,

  prescription services

• Financial / Money Management: Auto-payments, budgeting

• Entertainment: video, music, gaming

• Food / Shopping / Delivery Services

• Cloud Storage: Photos, media

• Travel / Ticketing / Rewards: frequent flyer
  miles, reward points

  And With This Cheat Sheet, We Hope They Can
  Live Happily Ever After…