You’re older, and you know that getting remarried wasn’t always in your plan. Despite that, you’ve found a partner you can’t live without, and you’d like to make it official.
One thing you should think about before tying the knot is your estate plan. When you get remarried, your estate plan will need to change in most cases. You may need to add your new spouse and change your beneficiaries. You might have to adjust the terms in your legal documents to include people who would be overlooked as beneficiaries due to your remarriage, too. Here are a few things to consider.
Your child’s inheritance
When you were no longer married, your child was next in line for your assets. Now, that’s not the case. Your spouse is, first, and then your children. To make sure your child gets the assets that you intended for him or her, rewrite your estate plan to include your child as a direct beneficiary. Additionally, consider giving your child the assets before you pass away, if possible. That way, there’s no question of ownership.
Your ex’s payout
If you haven’t reviewed your estate plan in a few years, your ex-wife or ex-husband may still be the primary beneficiary. Keep that in mind and review all your legal documents to guarantee that he or her is no longer a beneficiary unless there are assets you want to have him or her receive. Include your current spouse in the wording of the estate plan if you’re not yet married, too. The last thing you want to see happen is for your fiance to go without because you pass away before the estate plan receives an update.
Estate plans change over time, and attorneys are used to rewriting and editing them. With the right changes, you’ll protect your estate the way you want.