We're Newlyweds! Now What?
Posted on October 13, 2008 by Her and tagged finances, marriage
Since we got married, we've realized that we have a huge list of financial tasks to complete. Now that we're a family we need to take steps to plan for and protect our future. There is a lot to do and it's pretty overwhelming, so we're going to take baby steps and approach one thing at a time. Here is our task list, which will probably take the next year to complete:
- Change Her's last name on all our financial documents. Make sure we are the beneficiaries of each other's existing insurance policies.
- Review our current insurance policies. Determine what kind and how much coverage we need, and purchase new coverage if our existing policies fall short.
- Write wills and living wills. Choose an executor and notify that person.
- Rent a safety deposit box. Figure out what is supposed to go in it, and put those things in it. This has actually been on our to-do list for about three years, so we need to, ya know, do it.
- Create a "Just in case" binder of information that would be necessary if one of us were incapacitated or killed.
- Re-balance our investments to account for changes over the past year.
- Create a family emergency plan and kit, and notify our families of our plans.
- Discuss our burial wishes, and plan for the purchase of a plot.
I got started today by blocking out time this weekend to go to the bank and open that safe deposit box. Baby steps, folks!
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Just a thought: you might want to push the last will & testament down to the bottom of the list. Unless you have kids, you can pretty much do anything with TODs and PODs and beneficiaries. But good luck with the name change, I've been married 14 months and I finally just decided I'll do the rest the next time we move!
Sue Edwards | Oct 14, 2008
WOW - I am really impressed by several things! First, I am very new to blogging and have set up two blogs of my own (www.MrsMoneyMerge.com and www.Sue-Edwards.com) for an internet marketing course I'm taking. I thought I'd check out related blogs and am blown away at the depth of information in your blog - boy do I have a loooong way to go!
Second, I am a lot older than the two of you and am seriously impressed (and a little envious) at how financially savvy you are. If more people, young or old(er), were as smart and concerned about their financial situation as you appear to be, this country wouldn't be in the economic situation it is today!
Thanks for "listening", and keep up the great work! And, congratulations on your recent marriage!
Sue Edwards
Gigi | Oct 13, 2008
As you go to the DMV to change your name, buy the ID card too. That way when you change your social security paperwork, you can mail everything in and the state ID card. No standing in line, and they mail it right back. Best $20.
Also get lots of marriage certificates. It seems like everyone wants one.
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