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Whether you're a first-time newlywed or you've re-enlisted, there are a number of important document changes or updates you must make when you marry.
Some of these changes involve designation of your beloved as a beneficiary. In some cases, third parties may have to sign off on the changes to make way for your significant other. It's best to take care of these matters as soon after the nuptials as possible.
Follow this quick checklist to ensure that you've taken care of all those important documents, so you or your spouse don't find out later that your financial and personal affairs aren't as you had thought. By looking at the documents that form the basis of your past financial life, you are immediately led to the things that need changing.
Pay attention to the following categories:
1. Government entitlements such as Social Security.
Visit or call the local office to change forms that designate death-benefit beneficiaries. See who is listed as next of kin on all forms, including motor-vehicle registration.
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If you have an interest in a family business or one you started with a partner, now is the time to review the partnership or shareholder agreement. What provisions have been made if you want to sell, if you cannot work, if you want to share duties with your mate or if you die? In some instances shared responsibility and ownership is quite possible; in others it's out of the question. But in every case, troubles occur down the line when no thought is given to transitions at the outset.
Since nuptial agreements can be made even after a marriage takes place, dealing with business interests can lead to agreements between your partners and/or you and your spouse. If you'd rather avoid the hassle, just listen to some of the horror stories from colleagues in your field. Deal with it now rather than later.
3. Insurance policies, including the disability policy provided at work.
It's easy to keep track of your life insurance, but check out free insurance that may come with a credit card or club membership.
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Often these memberships include multiple benefits, from travel discounts to auto insurance. See which of these can be extended to your spouse.
5. Bank and brokerage statements.
Check the titling of all accounts. They will supersede your will if there is a conflict.
Continued: Wills, trusts and powers of attorney
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