Getting married is a wonderful time in anyone’s life, and it should be a no-brainer that the spouses involved in the marriage need to update their estate plans to reflect their marriage. Marriage is one of many critical life events that should trigger a person’s desire to update their estate plan. It is a vital step. Divorce is another example of these critical life events.
But what if you got divorced and are now getting remarried? What should you do with your estate plan to ensure that your wishes are properly reflected and that your loved ones are in line to receive what you want them to receive?
- First things first, remember that it is called estate “planning” for a reason. You need to investigate and research your options and then put a plan in place for your estate. This means that your estate will never truly be “done.” It is a constantly evolving entity, and you have to plan for every step that you’ll take throughout your life.
- With remarrying, you need to update your beneficiary designations and take a look at the assets you have. You’ll also want to make certain provisions and accommodations if you have children from a previous marriage.
- Think about how you want to designate your new spouse. Will he or she be a trustee or executor? Will he or she be placed on your mortgage if he or she moves in to your home?
- You will also want to think about a prenuptial agreement, and you’ll need to consider how this plays into your overall estate plan.
Source: CNBC, “Getting remarried? Protect your assets and your interests,” Deborah Nason, July 28, 2016