Saturday, June 30, 2012

Wills and Finances

In her book Weddings, Emily Post introduced wills and finances in wedding:
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When there is no pre- or postnuptial contract, the bride and groom would be smart to put their wills and finances in order so that the disposition of their money and property is clear to each other or, should both die, to their families.

Changing Beneficiaries
Finances include such things as insurance policies and beneficiaries on retirement plan payouts. Assuming the bride and groom want to make each other the beneficiary on any existing policies they own, the couple should call an insurance broker and talk to their payroll coordinator at work to see what documentation is required to make this change.

Decisions about bank accounts
How the couple will manage their finances is purely personal, but they should discuss their thoughts. They may decide to maintain a separate accounts as well as open a new joint account, or they may pool all their finances into a joint account. If the bride is maintaining a separate account but changing her name, she needs to take care of this paperwork when she changes other legal documents. If she is changing her name and has direct electronic deposit into her account, she needs to coordinate the account change at the same time as she changes her name at work.
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