Getting married is one of those life moments that feels both joyful and overwhelming. Along with merging households, finances, and future plans, marriage also changes how the law views your assets and your wishes. Though estate planning isn’t typically top of mind during wedding season, it really should be. Marriage can automatically affect who inherits from you, who can make decisions on your behalf, and how your property is handled if something unexpected happens. Continue reading and reach out to a Rochester estate planning lawyer to learn about how you can best plan your estate when you get married.
What Changes Automatically When I Get Married?
Marriage triggers several legal defaults under New York law, and these defaults may or may not reflect what you actually want. Some of the most important automatic changes include the following:
- Your spouse becomes your closest distributee (next of kin) if you have no Will
- Your surviving spouse is entitled to a share of your estate (called the “Elective Share”), even if a Will says otherwise
- Your spouse may have priority to act as administrator of your Estate if you pass away without a Will
- Your spouse may make certain medical and funeral decisions for you if you become incapacitated before passing
For most spouses, these rules feel comforting, but for others, especially those with children from a prior relationship or significant separate assets, they can create conflict. Estate planning allows you to clarify your intentions.
If I Have a Will From When I Was Single, Do I Have to Update It?
Yes. This is one of the most important steps you can take. A Will written before marriage is not automatically invalid. However, regardless of what that Will says, your new spouse may still be entitled to an elective share, which can override parts of that prior Will. This often surprises people, particularly those who created Wills when they were single. When updating a Will after marriage, many couples consider the following:
- Naming a spouse as primary beneficiary or executor
- Revising distributions to reflect shared assets
- Addressing children from prior marriages
- Coordinating beneficiary designations with the Will
- Consciously waiving rights in each other’s estates
How Can Estate Planning Protect Both Spouses?
Estate planning is not just about death; it is also about protection during life. A strong estate plan for married couples often includes:
- Powers of attorney so a spouse can manage finances if one partner becomes incapacitated; in spite of the strong legal presumptions and defaults under New York Law described above, there is no default person with financial authority if you become incapacitated (even for a spouse)
- Health care proxies and living Wills to ensure medical wishes are respected
- Trusts to manage assets, minimize taxes, or protect inheritances
- Clear beneficiary designations on retirement accounts and insurance policies
Additionally, for couples with blended families, trusts can be especially helpful, as they can provide for a surviving spouse for the remainder of that spouse’s life, while preserving assets for children from a prior relationship.
Ultimately, while marriage is the start of a new chapter of life, comprehensive estate planning helps protect that chapter and the people in it. If you’ve recently been married or are planning to get married, please reach out to Lacy Katzen LLP so we can help you plan for the future.
