Adding to your family through marriage can be a joyful, exciting time. It can also be a stressful time, however, because there is a lot you need to think about and adjust to in order to make as smooth of a transition as possible.
For instance, if you are getting remarried, it may be time to revisit your estate plan. As your family grows and changes, so too can your plans for the future and what you want to leave behind. In this post, we will look at three specific elements of your estate plan that you may need to change upon remarriage.
- Your will: Upon remarriage, you may be adding stepchildren and step grandchildren into your family. You may also want to include them in the distribution of your assets. While they might not receive the same treatment as your biological children, you can still decide to pass on money, sentimental items and/or property to them. Without adding this to your will, those wishes may never be realized.
- Health care directives: Your plans for your own long-term care can change dramatically when you marry your partner. This person can be there to assist you, make care decisions for you and generally provide support you may not have anticipated when you last updated your estate plan.
- Power of attorney: Again, having a spouse can mean having a partner who is in a good position to make decisions on your behalf. If you already have someone else assigned to this role, you can change it by updating your plan.
Of course, if you do not have an estate plan to review and edit in the first place, getting remarried can be an excellent time to meet with an estate planning attorney to create one.
Whether you are creating an estate plan or updating an existing one, a second or subsequent marriage can be the perfect time to assess your long-term plans. With some legal guidance, you can make sure you continue to protect your wishes, your assets and your family.
Source: Pocono Record, “Second time around,” Amy Leap, Aug. 3, 2016