Remarrying adds another layer of complexity to estate planning.
Introducing a new spouse and possibly step-children means that existing wills and trusts may need revision to ensure that everyone you care about is protected. Here are a few possible necessary steps to revising:
● Update Existing Documents: First, all existing legal documents, especially wills, trusts, and powers of attorney, should be updated to reflect your current marital status and family structure.
● Spousal Rights: Many states have laws that automatically entitle a new spouse to a portion of your estate. Make sure you're well-informed about the laws in your jurisdiction.
● Protecting Children from Previous Marriages: To ensure that children from your previous marriage are not unintentionally disinherited, consider setting up specific trusts or naming them as beneficiaries on life insurance policies.
● Open Communication: One of the most critical aspects of estate planning in second marriages is open, honest communication. Discuss your plans with your new spouse and your children to ensure everyone is on the same page.
Your new marital status should prompt a thorough review of your estate planning strategies. By taking these steps, your new family members will be protected and cared for.
We specialize in educating and helping you protect what you have for the people you love the most. Contact us to learn more about how we can help.
