Getting Remarried? Top Estate Planning Considerations
- Posted on: Jul 14 2023
Enduring a divorce can be heartbreaking on many levels. The last thing people often think about is meeting someone new. So, when you find yourself in love and happier than you’ve been in a long time – maybe, ever – you may wish to rush towards imagined marital bliss. However, it’s extremely important that you consider important estate planning needs. Estate planning for remarried couples can prove more challenging. Here are the top estate planning considerations.
1. Whether You Want a Prenup
A prenuptial agreement is one in which you decide what is to happen with various issues in the event that your marriage should end. Sure, “prenups” haven’t always received the best reputation, but they can really prove beneficial – for both parties. Prenups are not indicative of whether you trust your partner, by how each of you can protect your own goals, assets, and finances. Prenups can be helpful in most marriages, but they can be even more valuable for subsequent marriages since assets and finances can get more complicated.
2. Who is Going to Own What
You may be going into your marriage with the belief that “what’s yours is mine” and “what’s mine is yours.” While this is a beautiful sentiment, sometimes you and your partner wish to keep specific assets or property separate. That’s why it’s important to establish a comprehensive list of which property is to belong to which spouse. Plus, by establishing ownership of various assets, it may be also help to discuss financial expectations, such as how much each of you is to contribute to a joint bank account or for remodeling on the family home. Still, separate bank accounts can help to pay for personal expenses, such as children from a previous marriage or relationship.
3. How You Can Prevent Unnecessary Conflict Caused by Your Death
Thinking about your own mortality isn’t easy, but imagining your loved ones at odds with one another after you pass away is very difficult. You can prevent unnecessary conflict caused by your death, by making medical decisions for yourself ahead of time. You should ensure that your medical documents are reviewed regularly and are kept in a safe location. By making decisions ahead of time, there is no room left for people to argue about “what’s best” for you. The last thing you want is for your spouse and a child from a previous marriage to be in conflict over which decision to make.
4. Which Assets You Want Select People to Receive
When someone passes away, their loved ones often look to sentimental property by which they can hold onto and remember them. Some families do fight over money, but many disagree over sentimental property. By deciding whom you want to receive each of your assets, you can help prevent potential conflict. Just be sure to regularly review your will so that you can be sure the “right” people are receiving your assets. If you’re getting married again, there’s a good chance that you don’t want your ex-spouse to receive your possessions. Also, some people are not automatically entitled to your belongings under the law. Therefore, if you leave them out of the will, they could end up with nothing. For instance, in some instances, stepchildren and former stepchildren will not receive anything unless you specifically leave it to them.
5. Whether You’ve Received Professional Assistance with Your Estate Plan
You may think that you have everything under control, but you don’t want for your estate plan to be wrongfully carried out. That’s why it’s in your best interest to consult with a knowledgeable and experienced California estate planning attorney who can look over your existing will and estate plan, or help you to build a comprehensive one that protects you and your loved ones later on.
The Law Offices of Brian L. Fox, APLC Help those Who Want a Comprehensive Estate Plan
If you or your loved one live in California and are looking to get remarried, you likely want to be sure that your estate plan accounts for all possible situations and is drafted properly, so as to be executed without issue.
At the Law Offices of Brian L. Fox, APLC we know how important it is to protect your wishes and your loved ones. We will help you to establish a comprehensive estate plan that meets your needs and desires. To learn more or to schedule a free consultation, contact us today!
Posted in: Estate Planning