Just Married? Your Financial To-Do List
Congratulations! Once the thank-you cards are written, or at least started, there are a few money and protection details worth sorting out. None of them are complicated, and some of them people miss for years.
Your newlywed checklist
- Review your wills, or make them. In Ontario, getting married no longer automatically cancels an existing will. That means an old will could still leave things to someone you didn't intend. It's worth having a lawyer review it.
- Update your beneficiaries. Check every life insurance policy, workplace plan, RRSP and TFSA. Outdated beneficiaries, sometimes a parent or an ex, are one of the most common mistakes we see.
- Talk about life insurance. If you're buying a home or planning a family together, you're now counting on each other's income. Make sure each of you could keep going if something happened to the other.
- Check your benefits at work. Marriage usually lets you add a spouse to your workplace health and dental plan, but often only within a set window, so don't wait.
- Get on the same page about money. Debts, savings goals, who pays for what. Couples who talk about it early usually have an easier time later.
Living common-law? This applies to you too
Most of the same steps apply to common-law couples, with one important difference: in Ontario, a common-law partner doesn't automatically inherit if there's no will. If you're not married, a will and up-to-date beneficiaries matter even more.
Frequently Asked Questions
Possibly. If you share a mortgage or debts, or rely on two incomes, losing one could put real pressure on the other. We'll help you see whether there's a gap.
It depends. Two individual policies are often more flexible, especially if your circumstances change. A joint policy can cost less. We'll explain the trade-offs.
Not anymore. Since 2022, marriage doesn't automatically cancel a will in Ontario. That's exactly why it's worth reviewing yours.
Start your next chapter with a plan
Book a call together, and we'll keep it relaxed. My name is Trevor, and I'll help you get the boring stuff sorted so you can get back to the fun stuff.