Remarriage and blended families protection is important if you plan on remarrying following a death or divorce. We can help with your options. If you are going through a divorce or are remarrying, it is the perfect time to either create your estate plan or update the one you currently have.
Just because you go through a divorce doesn’t mean you’ll never find love again. There may come a point when you remarry in the future, which is sure to bring a lot of joy to your life.
Along with this joy comes a variety of questions, concerns, and challenges. For example, you must consider the impact of remarrying and a blended family on your estate plan.
Here are some things you should do:
- Consider children from your previous marriage: Although you have a new spouse and possibly step-children, you can’t forget about your children from your previous marriage. Make sure you don’t disinherit them by making an estate planning mistake.
- Create a prenuptial agreement: It’s not required, but it can go a long way in protecting property that you bring into your marriage, such as an inheritance from your past. Remember, a prenuptial agreement doesn’t mean you’ll divorce. It simply provides protection in the event that this happens.
- Change your beneficiaries: For example, if you’re divorced, you probably don’t want your ex-spouse to be named as your beneficiary on an annuity, life insurance policy, and/or retirement plan. Don’t wait a single day to change your beneficiaries to reflect your new relationship and future goals.
- Decide how to best manage your finances: The decisions you make now will impact your estate plan in the future. For instance, if you sell your home and move into your spouse’s – without putting your name on it – you won’t be entitled to the property in the event that you divorce.
Even if you think you have everything figured out, you’re going to have estate planning questions as they pertain to remarriage and blended families.
Rather than hope for the best, consult with an estate planning attorney. They can review your estate plan, help you update it accordingly, and ensure that you’re still on track to reach your goals in the future.
We’re more than happy to assist you during this transition, so don’t hesitate to contact us.
