If You’re Getting Remarried, Consider Your Estate Plan Carefully

If you’ve been divorced and are considering remarriage, you’ll want to take some time to carefully consider the implications remarriage will have on your estate plan. Whether you have yet to develop an estate plan or have already created one, there are several issues you will need to think about.

Blended Inheritances

Getting remarried means that both you and your new spouse mayy automatically have the right to inherit from one another if the other should die. This inheritance can have a significant effect on the inheritance you plan to give your children or other family members. You will definitely need to consider making changes to your estate plan and/or entering into a marital propety agreement if you want to ensure that your children will not be possibly left out of an inheritance should you die before your new spouse.

Divorce

While divorces are common, marriages in which either spouse had been previously married are much more likely to end in a subsequent divorce. Since you are getting remarried it is vital that you consider creating a prenuptial agreement that contains specific terms about how you wish to distribute property upon divorce.

Beneficiaries

You’ll also need to think about any transfer on death accounts that allow you to name a beneficiary. If you want your spouse, for example, to be the beneficiary of your life insurance policy, you’ll need to update that as soon as you get married.

Marriage can have a significant impact on your property rights.  When contemplating a marriage or remarriage, it is best to consult with an experienced and qualified estate planning attorney so that you enter this new relationship with a full understanding of its consequences and, as needed, take the proper steps to protect the interests of you and your loved ones.

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Timothy P. Murphy

Timothy P. Murphy is an estate planning and elder law attorney whose practice emphasizes helping people to build, preserve and pass on their wealth. He works with his clients to accomplish their goals while avoiding unnecessary court proceedings and minimizing or eliminating exposure to death taxes.

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