It is essential to maintain an up-to-date estate plan. The last thing you want is for your plan to no longer reflect your wishes when the time comes. Many people may think of updating their plan following a major life event such as a death, a birth, or an adoption. One of the most common life events that involve updating an estate plan is a marriage. When you get married, you will likely want to include your spouse in your plan. A Missouri estate planning lawyer can help.
It’s perfectly understandable to want to provide extra legal and financial protections for your loved ones, especially after adding someone new to the family. Getting married can be one of the most exciting and memorable days of your life.
It’s possible that the finer details, such as modifying your estate plan, might slip through the cracks amidst your enjoyment of being a newlywed. That’s why it’s so beneficial to have an experienced estate planning lawyer by your side.
Why Hire an Estate Planning Lawyer?
Establishing an estate plan isn’t always an easy thing to do. If you’ve never done it before, you may be surprised to find out just how many different elements are involved in the process. You will want someone by your side who understands how important this may be to you. At Stange Law Firm, our multi-state legal team has helped countless clients establish and modify their estate plans as needed. We can also provide you with a personalized approach.
According to recent data gathered by the U.S. Census Bureau, the median household income for a family of four in Missouri was approximately $106,000 as of 2024. To a lot of people, that’s considered a significant amount of income that’s worth preserving for future generations with an estate plan.
You want to ensure that your income and assets are adequately protected by your plan. Many people also update their estate plan after getting divorced, which a lawyer can help with.
Discussing your long-term estate plans with your spouse can be a challenging and emotional conversation. Many people don’t want to talk about death in any way, and that’s okay. However, if you don’t have this conversation, your spouse may never be aware of your intentions. You may want to consider reaching out to a local support group, such as GriefShare, for help in preparing your family for a potentially painful conversation.
What to Include in Your Estate Plan
When you get married, there’s a fairly strong likelihood that your spouse won’t just be included in your estate plan, but that they will be the primary beneficiary of your assets. To ensure that it goes through, you may want to reach out to an estate planning lawyer for assistance. After all, you don’t want to make any costly mistakes that could have long-term consequences. Here are some elements you should consider prioritizing when you modify your plan after marriage:
- Power of Attorney: One of the most important elements of your estate plan is choosing someone to have power of attorney over your estate in the event that you become incapacitated. If you trust your spouse implicitly, there’s a strong chance your spouse will be the one you give that power to. You should have a conversation with your estate planning lawyer and your spouse about the responsibilities that come with this power.
- Revising Trusts: In addition to having a valid last will and testament in place, you may also want to consider developing or revising a trust. Any assets that you place in a trust may be far more protected than other assets. Any trusts that you already have in place should be modified to include your new spouse as a designated beneficiary. Your lawyer can assist you in taking the necessary steps to establish this.
FAQs
Q: Will I Need a Lawyer’s Help to Update My Estate Plan?
A: Yes, you will most likely need a lawyer’s help to update your estate plan. You want to ensure that every element of your plan is sound and that your spouse is included in the will, any trusts, and other relevant documents. While you technically are not required to hire a lawyer to modify or even establish an estate plan, having one by your side throughout the process can only benefit you in the long run.
Q: Do I Need to Update My Estate Plan After Getting Married?
A: No, you are not legally required to update your estate plan after getting married. However, it is highly recommended that you update your estate plan whenever you experience a significant life event, such as a birth, death, divorce, or marriage. You want to ensure that your estate plan accurately reflects your current life situation. If you should pass away without changing your plan, there is little that can be done to amend it.
Q: What Is the Most Important Step in the Estate Planning Process?
A: There is no telling what the most important step in the estate planning process may be, as everyone’s estate plan is different. What may be paramount to one person may be something that another person would not even spare a second glance at. Everyone’s estate planning needs are unique. Generally, some of the most important steps in the process include drafting a will and giving someone power of attorney in case of incapacitation.
Q: Why Is Estate Planning Worth Pursuing?
A: Estate planning is worth pursuing because it ensures that the people you care about are well-protected and that your assets go to the right people. If you pass away without an estate plan in place, Missouri’s intestate succession laws will apply. The probate court will ensure that your assets pass to your closest living relative, which could be your spouse or your children. That may not be what you want. An estate plan protects your own interests and wishes.
Contact a Lawyer
At Stange Law Firm, we can help you develop or modify an estate plan to reflect your most current wishes for your assets. Contact us to speak to a member of our team about what we can do for you.