Newly Married? 5 Legal Tasks You Can’t Afford to Forget

Congratulations! You’ve tied the knot.

Whether you’re still opening wedding gifts, changing your last name, or trying to decide what to do with three identical air fryers, marriage is the start of an exciting new chapter.

It’s not the most glamorous post-wedding task, but a little planning today can save a great deal of stress tomorrow.

Here are five legal tasks every newly married couple should consider.

1.     Write (or Revisit) Your Will

If you don’t already have a will, getting married is an excellent time to create one. If you do have one, dust it off and make sure it still reflects your wishes.

A will allows you to:

• Decide who will receive your assets;

• Name an executor to administer your estate;

• Provide for your spouse and other loved ones; and

• Leave instructions for those who depend on you (including the four-legged members of the family!).

Think of your will as a love letter to the people you leave behind, providing clarity instead of confusion.

2.     Review Your Powers of Attorney

Here’s a common misconception: “My spouse can automatically make decisions for me.” Sometimes – but not always.

Every adult should consider having:

• A Continuing Power of Attorney for Property, which is someone you trust to manage the money side of things; and

• A Power of Attorney for Personal Care, which allows someone to make health and personal care decisions on your behalf if necessary.

3.     Update Your Beneficiaries

Your will isn’t the whole story.

Assets like life insurance, RRSPs, TFSAs, pensions, and certain workplace benefits often pass directly to the person you’ve named as your beneficiary (regardless of what’s written in your will).

If those forms haven’t been updated since your first job or before you met your spouse, now is the perfect time for a quick review.

It’s one of those five-minute tasks that make a significant difference later.

4.     Understand How You Own Property Together

Whether you’re purchasing property together, or already own some, it’s important to understand how ownership is registered.

The way property is held can affect what happens if one owner passes away and how property may be dealt with in the future. If you’re buying your first home together, your real estate lawyer can explain the available ownership options and help confirm that the purchase reflects your intentions.

5.     Plan For the Life You’re Building Together

Marriage is often just the beginning.

Maybe you’re planning to:

• Buy your first home;

• Open a business;

• Purchase investment property; or

• Expand your family.

Each milestone brings new opportunities and sometimes new legal considerations.

Your legal documents should evolve as your life does. You’ve already promised “for better or for worse.” A little legal planning helps prepare for the in between.

If you would like to review (or create) your estate plan or discuss your legal needs, our office would be happy to help!

If you would like to discuss estate planning, please reach out to us at McDonald, Simon, Stewart & Reidy LLP. Our team is here to provide expert legal guidance and help you understand your rights and obligations. Don’t hesitate to contact us for a consultation - we’re ready to assist you!

Please reach out to us at info@mcdonaldsimon.com or call us at 519-273-2734.

Disclaimer: This blog should not be construed as legal advice. Each individual circumstance has nuances that need to be considered by a licensed legal professional and there is no one-size-fits- all answer in the law. If you require legal advice, please contact someone who is licensed with the Law Society of Ontario and is properly insured to provide legal services or practice law.