Financial Tips for Newlyweds
Here are a few tips to help you and your new spouse get your finances in order after your wedding.
Update your beneficiaries.
Consider updating the beneficiary on your bank, retirement, and investment accounts, as well as your life insurance policy. The beneficiary you name will inherit these assets regardless of other instructions you leave.
Consider updating your will, trusts, and health care proxy to include your spouse.
Review your insurance.
You may be eligible for lower premium if you consolidate your homeowners, renters, and car insurance with one insurer.
Review your health insurance. Family coverage under one plan may cost less than individual coverage under two plans.
Consider purchasing life insurance if one spouse would have a difficult time maintaining their standard of living without the other spouse’s income.
If your name or address changes, update the info on your:
- Bank accounts
- Brokerage accounts
- Credit cards
- Mortgage or lease
- Driver’s license and vehicle registration
- Insurance policies
- Memberships and subscriptions
- Property titles
- Voter registration
- Wills, trusts, and other legal documents
Also update your info with:
- Your employers
- Former employers, if you have a retirement plan or pension with them
- The Social Security Administration
- Utility, TV, internet, and phone providers
- Your tax, financial, and legal advisors
Copper Leaf Financial is a fee-only, fiduciary firm and we can help you and your spouse develop a customized wealth management (financial) plan designed to integrate every aspect of your financial life. This is "true wealth management" - a holistic, all-encompassing approach that goes beyond just investment advice. Call us today at (802) 878-2731 to schedule a strategy session and begin building your road map to financial success.
Article published in March edition of Eye on Money magazine.