Updating Your Estate Plan when You Remarry
If you have previously gone through a divorce, you may have initially been gun shy about getting remarried. For many people in this situation, they eventually meet the right person, and find themselves tying the knot for a second or even third time. After having learned from past experiences, these marriages often stand an increased chance for success, but there are certain issues that need to be addressed. One of the most important is estate planning, particularly if there are children from previous relationships involved. The following outlines questions that need to be considered, as well as the documents you will want in place.
Estate Planning Issues With Second or Third Marriages
Your new spouse will have a significant impact on your children’s inheritance rights. Under the Florida probate court system, if you die without an updated will in place, your spouse would be entitled to share fully in any property and assets you own. While on the surface this may be agreeable to all parties, you may want to ask yourself the following questions:
- Is your spouse financially secure, justifying a greater share to your children?
- Are there personal belongings or specific assets you own, such as family heirlooms, that you want to go specifically towards your children?
- Do you want to continue to provide for a home or other assets to benefit your child’s other parent?
These are issues to talk about both with your spouse, as well as with your children or other family members. Depending on your situation, you may wish to establish a trust in your children’s names, along with outlining specific property you wish for them to inherit in your will.
Updating Existing Estate Planning Documents
According to a 2016 CNBC report on remarriage, roughly 63 percent of all U.S. residents do not have a valid will in place. If you do not have one, now is the time to create it. If you do, make sure it is updated. Other estate planning documents you may want to consider changing to reflect your new marital status include:
- Power of Attorney (POA): This entitles the person you name to make business, financial, and legal decisions on your behalf in the event you are incapacitated.
- Healthcare Power Of Attorney: Similar to a POA, this gives a person you name power to make medical decisions on your behalf if you are unable to do so yourself;
- Living Will: This provides a detailed outline for how you want end of life issues to be handled.
- Payable On Death (POD) Designations: Through a simple form available through your financial institution, you can designate your accounts as POD, allowing the person you name access to the fund for emergency use and funeral planning.
Let Us Help You Today with Your Case
To ensure you have the proper documents in place to protect your loved one, call or contact the Protect My Assets Law Group online today. We will be happy to arrange a one on one consultation with our Boca Raton estate planning attorney, to discuss your situations and any actions you need to take.