Remarrying couples need to update their estate plan

Remarrying couples need to update their estate plan

| Feb 8, 2021 | Estate Planning |

Many Gettysburg area residents remarry at some point after their initial marriage ends. Remarrying is a joyous occasion for the happy couple; a chance for a new start. But it can also result in complications for estate planning. A remarrying couple should make sure their estate plan is updated.

Forty percent of marriages in the U.S. involve at least one spouse who has been married before. Because the marriage is a remarriage for many couples, updating an estate plan is important. Here’s what remarrying couples should keep in mind for estate planning needs:

  • Maintain a will. A will should be updated to reflect the changes in a person’s personal life and financial situation. If they don’t have a will, they should have one created to make sure their assets are allocated as they would want.
  • Update beneficiaries. Retirement plans, life insurance, and other financial accounts pass to the named beneficiaries on the plan. These beneficiaries may need to be updated after a new marriage.
  • Titling. Assets that are titled with joint ownership will be passed automatically to the surviving owner. If a person wants those assets to go to someone else, then they will need to have the asset re-titled.
  • Update health directives. Health care directives and power of attorney documents should be updated with the new spouse information if necessary.

A legal professional who specializes in estate planning can help their client with their unique needs. They understand their client needs to make sure their spouse and children will be protected in case something happens to them. An attorney can review existing estate planning documents and make sure they are updated correctly or create a new estate plan to protect a person’s future.