Getting married marks the beginning of a new life chapter, and with it comes more than just shared homes and joint bank accounts. It also brings important legal and financial decisions that many newlyweds overlook: estate planning.
Whether you’re entering your first marriage or your second, creating an estate plan early on helps ensure your spouse and loved ones are protected, your assets are properly managed, and your future is built on clarity and peace of mind.
Nevada is a community property state, meaning that, without a written agreement to the contrary, most assets and debts acquired during your marriage are presumed to belong equally to both spouses. This can have a major impact on how your property is treated if something unexpected happens.
And if this is a second marriage? That often means blended families, children from prior relationships, and separate assets you may want to keep protected.
Here’s why estate planning should be a priority:
If you want to keep certain assets as separate property—such as a house, investment account, or business owned before marriage—you’ll need to take extra steps. That may include creating a premarital or postmarital agreement, or clearly stating your wishes in your trust or will. Without planning, your spouse may have a legal interest in everything acquired during the marriage.
If one or both of you have children from a previous relationship, estate planning becomes even more important. A basic will may not be enough to ensure your kids are taken care of. You can use a revocable living trust to control exactly who receives what—and when—while still providing for your spouse.
A will allows you to name beneficiaries and designate a guardian for minor children. A living trust can help you avoid probate, manage community and separate property, and ensure your wishes are followed efficiently.
Married or not, no one automatically has the right to make medical or financial decisions for you unless you give them that authority. Through a durable power of attorney and healthcare directive, you can legally designate your spouse—or someone else—to act on your behalf if you’re incapacitated.
Don’t forget to update life insurance, retirement accounts, and bank accounts. These designations override your will and are often left outdated after marriage.
Marriage is a partnership, and like any good partnership, it’s built on communication and planning. Estate planning isn’t just about what happens when you pass away; it’s about protecting each other during life, honoring your family dynamics, and making your intentions clear.
Whether you’re newly married, entering a second marriage, or starting a blended family, the decisions you make now can prevent confusion, conflict, and costly legal issues down the road.
At Jeffrey Burr, we help newlyweds design customized, affordable estate plans that protect their families, preserve their assets, and simplify their future. Contact us today to get started.
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