What are Some "Remarriage" Estate Planning Risks?

Love does not mean smooth sailing.

More is not always better.

Especially when it comes to marriages.

According to a recent Cleveland Jewish News article titled “Estate planning documents for second marriages,” multiple marriages means more complicated estate planning.

Why?

With remarriage, you and your new spouse likely are bringing in separate assets, children from previous marriages, and even financial obligations.

What does this mean?

In addition to wedding planning, you need to make estate planning a priority.

Without reviewing and updating your estate plan, you could also disinherit your new spouse and instead leave your ex-spouse financially secure.

To prepare for your new life, you also each need to address cost-sharing, college funding, income taxes, pensions, 401(k)s, and prenuptial agreements.

What about if you do not plan to marry again?

You still need to work through these issues with an experienced estate planning attorney.

If not, you could accidentally disinherit your own children when you die while leaving everything to your new spouse and step-children.

Chances are you do not want this to happen.

What should you do?

Work with an experienced estate planning attorney to create a plan to meet the needs of your blended family.

Make your plans legally binding whether this includes a trust, premarital agreement, or updating beneficiary designations and power of attorney documents.

Estate planning is a great start to marital bliss.

Reference: Cleveland Jewish News (May 7, 2019) “Estate planning documents for second marriages”