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Before You Remarry, Revisit Your Estate Plan

Asset Protection, Estate PlanningNo Comments

Marry for Money1 150x150 Before You Remarry, Revisit Your Estate PlanIf you are planning to remarry soon, you have probably given some thought to how this new marriage will impact your finances and that of your old and new families.  Before you take your next trip down the aisle, you both should 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 separate.

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 wills.  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.

Whenever a major life event brings change to your family circumstances, contact our Orange County law firm to review or update your estate plan.