So, you’ve both said “I do”, listened to awkward wedding toasts at the reception, survived the mayhem that ensued during the bouquet toss, and had an enjoyable honeymoon on a tropical island. Now that you and your spouse have settled in to your new home and begun to write your thank-you notes for the wedding gifts, you may be asking yourself the question: Now what?
Now that you’re getting settled into the life of a newlywed, there are still some important housekeeping tasks to attend to as soon as possible.
- Update all forms of identification within 90 days. If you’re changing your name, start by heading to your local Social Security Administration office with your marriage license to get a new card. Once you have that, get a new driver’s license and update your name with your:
- Post office
- Banks and credit card companies
- Utility companies and other billers
- Passport office
- Voter registration office
- Review insurance needs and coverage. Consider adding your husband or wife to your homeowner’s, auto and other insurance policies. If you both have health insurance plans provided by your employers, choose whether you’ll keep one or both and act accordingly. Depending on your options, it may be cheaper to obtain a joint policy with your spouse. However, ask your insurance provider what options may be best for you and your spouse.
- Discuss your finances and set goals. Whether you choose to combine accounts or keep them separate, it’s important to sit down regularly and discuss progress toward your financial goals — such as buying a home, paying for college and saving for retirement. If you’re combining accounts, make a quick trip to the bank to get new checks and debit cards.
- Start planning your estate. If you don’t already have one, create a living will with your spouse to reflect your combined assets. Consider adding each other as your beneficiary for life insurance and retirement accounts, create power of attorney or medical directives and update home ownership documents. While nobody wants to think that tragedy will strike them, it is nevertheless important to have these documents drafted before you need them.
If you are a newlywed couple who needs estate planning documents drafted or revised, talk to the attorneys at Guirguis Law, PA. We can assist you and your spouse in drafting a power of attorney, healthcare directives, or a last will and testament. Call us today at 919-832-0500 to set up an appointment.