Once the honeymoon period is over, there are some practical things which you should take into consideration now that you are officially life partners. With so many new changes happening in your lives after the wedding, it can be difficult to keep track of all the important things that you need to do now that you are together. Luckily, this checklist will help you to sort out your new life quickly and simply so that you can spend more time enjoying your new marriage.
- Buy Life Insurance
The first thing that you should do is invest in life insurance if you haven’t already and name your partner as your beneficiary. This will ensure that they are financially protected when you die, especially in terms of mortgage repayments etc, which is even more important if you are the sole bread-winner. Joint life insurance policies are the best option for married couples as this ensures that either one of you is protected should the other pass away unexpectedly. Either that, or you could take out two single insurance policies which can each payout upon a death and are easy to resolve should you split. If you need to compare life insurance quotes, locallifeagents.com can help you to do so by sharing with you the most affordable policies to suit you, and help you to differentiate between what each of them offers.
- Renew Your Will
It is important that you renew your will to include your partner after you are married. Although your assets will automatically go to your next of kin upon your death, stating what you want in your will can ensure that there are no probate contests on your death and that your wishes are followed through without question. This will ensure that your partner is protected if you were to die, as any former will is revoked on the instant that you marry.
- Create a Budget
To ensure that your married life runs smoothly, it is paramount that you create a financial budget that both parties can stick to. This can help you both to be on the same page as a matter of transparency when it comes to your finances, as well as ensuring that you can have a stable and consistent married life. To do this, you should create a budget spreadsheet which includes both of your incomes, your outgoings in rent and mortgage, and any other necessities.
- Update Your Details
When you marry, it is likely that one of your names will have changed or even that your address will be completely different. In these cases, it is important that you update your details as soon as possible, for instance, to ensure that you receive the right post. You should also make sure to update your tax, insurance and other formal paperwork.
Although there is a lot to do as newlyweds, it is important that you ensure that you have completed all the essentials within a few weeks of your marriage. This will ensure that your married life can run smoothly and stress-free for as long as possible.