On Behalf of Stevens Law, PLLC | Nov 24, 2021 | Estate Planning |
You went through a divorce, and you didn’t think you’d remarry again. You left most of your estate plan alone, because in your mind, you would never want to give those assets to anyone other than the spouse who left you. At the time, you felt it was fair to leave them as the beneficiary.
Today, you no longer feel that way. You’re going to get remarried, and you plan to have a family. Now is a good time to look into altering your estate plan, so that the new plan protects your spouse and children.
A good estate plan after remarriage requires changes
It’s important to review your estate plan after remarriage, because there may need to be some significant changes. You may want to add a new step-child to your estate plan as a beneficiary. You may need to remove your ex-spouse as your health care power of attorney or executor. You might even want to work on your revocable trust and change your beneficiaries.
Beyond this, your estate planning attorney should help you look into the beneficiary designations on other accounts, like your bank accounts or life insurance. These don’t necessarily require probate, and the accounts may not even fall under the guidance of your will. Instead, you should make sure that your beneficiaries are appropriately named.
Can you leave your ex or their children in your estate plan?
The nice thing about an estate plan is that it allows you to dictate how you’d like to pass on your assets. Even after remarrying, you may want to add provisions for your children with your ex or to pass on certain property to your ex.
You should go through your divorce decree and property settlement arrangements, too, because there may be aspects of your estate plan that you cannot change based on those documents.
Estate plans do usually change upon remarriage, so it’s smart to go over your plan with someone who knows what to look for. Making the right changes will help you protect those who you love and care about in the future as well as yourself if you fall ill.