Please use this list as a guide and reach out if we can help you complete any of the items.
- Update Estate Planning Documents
Create or update a Will, including your spouse as a beneficiary and making any necessary changes. Review and update Powers of Attorney, designating your spouse as a decision-maker if needed. - Review Health Insurance Coverage
Although it seems like an obvious step, make sure you add the new baby to all health insurance and adjust your Health Savings Account (HSA) contributions, if applicable, to reflect the increased healthcare costs. Adjust HSA contributions to account for any changes in healthcare costs. - Revise Household Budget
Adjust your monthly expenses to account for combined incomes and shared financial responsibilities. - Build Emergency Fund
Your emergency fund should include a minimum of 3 months of living expenses should your cash flow change for any reason. Increase your emergency fund to reflect your increase in expenses. - Consider Life Insurance
Determine if you need life insurance coverage to protect your spouse’s financial well-being in the event of your death. Review existing life insurance policies, update beneficiaries, and assess the adequacy of coverage amounts. - Discuss Disability Insurance
Discuss with your advisor the importance of disability insurance to provide income if you become unable to work. - Explore Tax Advantages
Review marriage circumstances to maximize tax benefits available to married couples.
Understand how your filing status and potential deductions may change after getting married. - Consider Joint Financial Account / Discuss Long-Term Financial Goals
Discuss with your spouse whether merging your bank accounts or maintaining separate accounts works best for your financial management style. Have conversations with your spouse about your shared financial aspirations and develop a plan to achieve them.
Visit Life Changes page
Life sometimes has some unforseen changes that can feel overwhelming.
