Reassess Estate Plans Before Remarriage
Getting remarried? Congratulations! One of the best gifts you can give each other is to review your estate plans with the following in mind:
Asset management - both of you need to create a list of your separate assets, including IRAs, brokerage accounts, bank accounts, retirement plans, pensions, life insurance policy, etc., and then decide which of these you plan to combine and which you plan to keep separately.
Asset plan - if one or both of you have children you are bringing to the new marriage, then you need to plan for how they will be included in your estate plan and will. You may want to consider creating a trust or buying additional life insurance to cover children.
Estate plan -- consulting with an estate planning attorney is important, whether your assets are great or small. If you have an existing estate plan and you remarry, you need to update your will, living will, powers of attorney, HIPAA authorization, and change the beneficiary designation on your qualified retirement and life insurance plans. And if one spouse is bringing significantly more assets to the marriage, you may want to consider a prenuptial agreement to protect assets.
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0042.