GETTING MARRIED SOON? ORGANIZE YOUR FINANCIAL MATTERS
Marriage is one of the most significant, wonderful milestones in a person’s life. There are so many new and wonderful things to look forward to, such as spending the rest of your life with the significant other, building your own family, and taking care of your home and children.
However, most newlyweds consider organizing financial matters as the least important item on their list. If you want to ensure the financial stability of your future, you must do the following:
- Review Life Insurance - This is the very first item newly married couples should check. Some life insurance policies, especially those provided by your company, are normally limited in what they provide. If that is the case, obtaining another life insurance may be a feasible idea. You may also opt to securing premiums at favorable rates if you are planning of having children. Remember, rates increase as an individual gets older.
- Execute Powers of Attorney and Healthcare Directives - Next to insurance, couples should execute a durable power of attorney directive and a medical advance directive if they want their spouse to decide on their better half’s medical care, as well as any potential legal and financial matter. It is also important for them to name another individual on these directives to make these decisions in the event both parties in the couple become incapacitated at the same time.
- Organize Home Ownership Documents - Put your names on the deed to a house, which can be done by making the home into a jointly owned property. By doing so, you can avoid having the property get into probate and secure added creditor protection. Aside from that, newlyweds should look into their state’s homestead laws, as it differs from state to state. Homeowners can record these documents at the registry of deeds in their location or file papers with the town or city’s clerk office.
- Write or Update Last Will - Yes, you may not have substantial assets when starting out. But it should not be made an excuse to not having a will. Most married couples presume their spouse will obtain all of their assets in case of a sudden death. But this won’t be possible if married couples do not have a legally binding will. Take time to write or update your will once married to avoid any uncertainty. Several states have legislations indicating where and with whom a person’s property will end up, and not all states guarantee the entire property and assets of an individual will automatically go to their spouse if not outlined in a will.
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