Congratulations on your marriage! While wedding planning may have consumed months of your attention, there is another kind of planning that deserves a spot on your newlywed to-do list: estate planning. It is not the most romantic topic, but it is one of the most meaningful ways to protect your new spouse and build a secure future together.
Why Estate Planning Matters Right After Marriage
Marriage changes your legal relationships in significant ways. In Maryland, your spouse does not automatically inherit everything you own — intestacy laws divide assets between your spouse, children, and potentially other family members. A will ensures your new spouse is fully protected.
Your Newlywed Estate Planning Checklist
Update beneficiary designations on all retirement accounts, life insurance policies, and bank accounts. Create or update your wills to reflect your new marital status and wishes. Execute advance medical directives naming each other as healthcare agents. Consider powers of attorney so your spouse can handle financial matters if needed. Review your insurance coverage to ensure adequate protection for both of you.
Combining Finances and Assets
As you merge your financial lives, consider how property ownership is titled. In Maryland, how you title property — whether jointly with right of survivorship or as tenants in common — directly affects what happens to that property if one of you passes away. These decisions should be made intentionally, not by default.
Start Your Marriage on Solid Ground
At SoMD Estate Planning, we offer affordable packages designed specifically for newlyweds and young couples. Contact us for a free consultation and check this important item off your newlywed list.