When It Comes to Estate Plans, Be Sure to Redo Before Saying “I Do”

9:11 pm Asset Protection, Estate Planning

wedding figurines e1336425035660 When It Comes to Estate Plans, Be Sure to Redo Before Saying “I Do”The wedding season is fast approaching, and if you are planning to remarry this year, you need to first examine your estate plan carefully before that march down the aisle.  To ensure your interests are fully protected, be sure to:

Inventory assets.  Both you and your soon-to-be spouse need to make a list of your assets and debts and share it with each other.  This includes retirement plans and life insurance policies.

To combine or not to combine?  Decide with your partner whether or not you want to combine assets once you marry or keep them separate.

Make a plan for your assets.  You and your future spouse need to decide where your assets will go when one of you dies.  Children from a previous marriage can complicate estate plans, because you have no guarantee that if you die first, your spouse will provide for your children.  You can create a trust or purchase a life insurance policy to take care of children, or even provide them with joint ownership of property.

Consult with an estate planning attorney.  If either of you have children from previous marriages, consulting with an estate planning attorney is a must.  Even if you do not have significant assets, you will need to update your will, powers of attorney, health care proxy designations, and more.  An estate planning attorney can also help you figure out if trusts are a good idea for protecting assets for children.

Change beneficiaries.  You will probably want to change beneficiaries on your retirement, pension and life insurance plans if your divorce decree allows it.

Consider a prenuptial agreement.  Especially in situations when one spouse brings significantly more assets to the marriage, a prenuptial agreement can be helpful in protecting assets.

Contact us today for individualized planning strategies to meet your unique needs.

Leave a Comment

Your comment

You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Please note: Comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.