Marriage and Estate Planning: Going Beyond a Name Change

Marriage and Estate Planning: Going Beyond a Name Change

By Melinda Gustafson Gervasi

June 23, 2023

The author and her spouse, June 2006

June -- the month of weddings, mine included back in 2006.  Should you Google "marriage and estate planning" the results skew heavily to where and how to change your name following a marriage. From my vantage point behind the lawyer's desk, I can tell you that saying "I Do" involves much more than updating your name with the DMV, Social Security and the bank.  Or at least it should.

Probate, a word we are conditioned to dread, occurs when a person dies and an asset did not have a co-owner or named beneficiary.  Probate assets, those without a co-owner or named beneficiary, are distributed at death per state statutes or under the terms of a will if one was created.  Becoming married does not create an auto-default to an asset going to your spouse.  If, after you walk down the aisle, you want an asset to pass to your spouse, you will need to make the other person either a co-owner or named beneficiary.  The following are 10 places where you likely want to add your spouse's name:

1. The veterinarian's office -- pets are technically our property.  If you want your new spouse to have the authority to make medical decisions for your fur and feathered family members, add their name to the file;
2. Bank accounts;
3. Investment accounts;
4. Retirement accounts (both with your employer and those in IRA form);
5. Life Insurance policies;
6. Deed to real estate (condo, home, lake property);
7. Power of Attorney for Finances;
8. Power of Attorney for Healthcare;
9. Will and or Trust; and
10. Social Media accounts. 

Best wishes to all the newly minted married couples.  Remember, a blog is meant to spark thought and reflection, it is not legal advice.  Please consult with a licensed attorney in your home state for legal advice specific to your situation.  Thank you for reading, be well!