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Don’t forget to update your estate plan before you remarry

On Behalf of | Jan 4, 2019 | Trustees Executors & Fiduciaries |

If you’re planning to give marriage a second (or maybe third) try in the new year, you likely have more assets and people to protect that you did when you married the first time. A prenuptial agreement can help you and your partner protect the assets you bring into the marriage and ensure that the financial well-being of any children you have from previous relationships is protected.

If you don’t already have an estate plan, this is the time to get one. If you do have one, you’ll likely need and want to make some revisions and additions to it.

For example, sometimes people choose to set up one or more trusts before they remarry with their children from their first marriage as beneficiaries. Doing something like this will help ensure that your children — not your new spouse — get the money you intend them to have if you die.

If you have a will, make sure that it’s current. You may want to add your spouse and possibly their children. If you haven’t removed your former spouse, now is the time to do so. The more current a will is, the less likely it is to be challenged in court.

You likely want to update any documents designating the person(s) who will handle your financial and medical care decisions if you’re not able to do so. If you neglect to do this and your former spouse still has these rights, a nasty battle could ensue if you become incapacitated and unable to speak for yourself.

These are just a few estate planning matters you may need to consider if you’re remarrying. A prenup can be valuable if you divorce. However, you also want to consider what will happen when you die. An experienced attorney can help you draft or revise the appropriate estate planning documents based on your needs and wishes.