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What to know about writing a will as newlyweds

When you said “I do,” you committed to your spouse through the good times and bad. Hopefully, you will have a future of good things to look forward to.

While it may be unpleasant to think about, you should also prepare for the bad. Writing a will is a way to prepare for a sudden, tragic event. You and your spouse have a few things to consider when you write a will as a couple

Your assets

The work you do on your estate plan sets your will up for success. Do an inventory of any assets you both acquired separately. Complete the inventory as soon as you. Include anything like cash assets, property or other valuable items.

If you both brought these items into the marriage individually, you can consider it separate property in most cases. If you would like to have specific beneficiaries receive your separate property, a will can make that clear.

Then, there is the property you both acquire as a married couple. You and your spouse will need to agree upon the beneficiaries of these particular assets.

Type of will

You and your spouse can consider a joint will as a married couple. If one spouse passes away, the other receives the estate in its entirety.

This is different from an individual will. You can still make changes to an individual will as the surviving spouse. Because you need the agreement of both spouses, you cannot make changes to the conditions in a joint will after your partner passes.

The type of will you need depends on your unique circumstances as a couple. That is why it is important to think about writing this key document early on in your marriage.