Getting married is a joyful milestone—but it also marks a new chapter that calls for thoughtful planning. Beyond combining households and bank accounts, newlyweds should think seriously about updating their legal documents. Whether you’re just starting out or blending families, this is the perfect time to protect your future together—before life gets more complicated.
Step 1: Update Your Beneficiary Designations
Most newlyweds in Minnetonka don’t realize that many of their most important assets—like retirement accounts and life insurance—don’t pass through a will. Instead, they’re transferred by beneficiary designation.
If you opened a 401(k), IRA, or life insurance policy before your wedding, there’s a good chance someone other than your new spouse is listed. That could be a parent, sibling, former partner, or even a charity.
Updating your beneficiaries ensures that, in the event of your death, your assets go where you intend—usually to your new spouse. This step is fast, easy, and can often be done online directly through your account provider or HR department.
Step 2: Designate a Financial and Healthcare Agent
If you became seriously ill or injured tomorrow, who would manage your finances or make medical decisions for you? Getting married doesn’t automatically give your spouse these powers. You need two legal documents in Minnesota to grant someone the authority to speak on your behalf.
Financial Power of Attorney
This document allows your spouse (or someone else you trust) to pay bills, access your bank accounts, and manage financial matters if you can’t.
Health Care Directive
In Minnesota, this legal form lets you appoint someone to make medical decisions on your behalf. It can also include details like:
- Your preferred doctor or hospital
- End-of-life wishes
- Instructions for pain management, resuscitation, and more
Most newlyweds name each other in these roles—but it’s your choice. What matters most is that the documents are complete, signed, and legally valid. Read more in our article, Estate Planning for Second Marriages: Protect Your Loved Ones and Secure Your Legacy
Step 3: Review Your Will or Trust
If you had a will or trust before your marriage, it’s likely outdated. Your new spouse might not be included, and your old wishes may no longer reflect your current life.
It’s time to review or create:
- A Will, which directs where your property goes when you pass away
- A Trust, which can help avoid probate, protect assets, and manage inheritance for children or blended families
This is especially important if either spouse has kids from a previous relationship or owns valuable assets like a home or business.
Step 4: Think About Your Home
Many Minnetonka couples choose to live in one spouse’s home after marriage. But what happens to that home if the owner passes away?
You have options:
- Full ownership transfer: One spouse inherits the home outright.
- Life estate or right to live: The surviving spouse can remain in the home for a period of time or for life, even if the home eventually passes to someone else (like children from a prior relationship).
The right estate plan will reflect your wishes and avoid confusion or conflict later.
Step 5: Consider Life Insurance
Marriage often means financial interdependence. If one spouse dies unexpectedly, the loss of income can create serious hardship.
Life insurance can help fill the gap—covering mortgage payments, debts, or living expenses for the surviving spouse.
Be sure to review:
- How much coverage you need
- Who the policy names as a beneficiary
- Whether insurance plays a role in a larger estate or inheritance plan
A Minnetonka estate lawyer can help you fit this into your broader strategy.
Estate Planning Is a Gift to Each Other
It’s easy to put off estate planning when you’re young, healthy, and happy. But getting these documents in place early is one of the most loving, responsible things you can do for each other.
At Stone Arch Law Office, we work with newlyweds across the Twin Cities, including Minnetonka, to create estate plans that are clear, personal, and legally solid.
Speak with a Minnetonka Estate Planning Attorney to Guard Your New Future
Stone Arch Law Office helps make estate planning for newly married couples simple and stress-free. Book a call with our estate planning team today to learn more about how to protect your assets, loved ones, and yourself. Whether you’re starting from scratch or updating an old plan, we’re here to guide you every step of the way.
Key Takeaways
- Update Beneficiaries: Make sure your spouse is named on accounts like IRAs, 401(k)s, and life insurance.
- Create Legal Documents: Use powers of attorney and a healthcare directive to give your spouse decision-making authority if you’re unable to act.
- Review Your Estate Plan: Old wills or trusts should reflect your new marriage and any shared goals.
- Plan for the Home: Decide how property will be handled if one spouse passes away first.
- Think About Life Insurance: It can provide vital financial support to your spouse in case of the unexpected.
