Getting married is a big step, but it's especially important to have a strong estate plan in place if you're remarrying. Here are five of the top estate planning concerns for second marriages:
- Providing for your children from a previous marriage. If you have children from a previous marriage, you'll need to make sure that they're taken care of financially after you die. This may mean leaving them specific assets in your will, or creating a trust that will provide them with income for life.
- Protecting your assets from your new spouse's creditors. If your new spouse has any debts, you don't want them to be able to go after your assets after you die. A prenuptial agreement can help to protect your assets from your new spouse's creditors.
- Deciding who will make medical and financial decisions for you if you become incapacitated. If you become unable to make your own medical or financial decisions, you'll need to have someone who can step in and make those decisions for you. This person is called a power of attorney and a health care proxy.
- Choosing the right beneficiaries for your assets. When you create a will or trust, you'll need to decide who you want to inherit your assets. This can be a difficult decision, especially if you have children from a previous marriage.
- Updating your estate plan as your life changes. Your estate plan should be a living document that you update as your life changes. This includes things like getting married, having children, or changing your financial situation.
If you're getting married for the second time, it's important to sit down with an estate planning attorney to discuss your specific needs. An attorney can help you create a plan that meets your goals and protects your loved ones.
Here are some additional tips for estate planning in a second marriage:
- Be open and honest with your new spouse about your financial situation and your wishes for your estate.
- Consider creating a prenuptial agreement to protect your assets from your new spouse's creditors.
- Make sure that your will and other estate planning documents are up-to-date and reflect your current wishes.
- Consult with an estate planning attorney to get help creating a plan that meets your needs.