If you are planning to get married for the second time, then there are some special considerations that you will have to make to your estate plan.
You probably know that you should revise your plan before marriage, but when you are embarking on a second marriage, there are additional things you will have to do beyond adding your new spouse to your estate documents.
Fidelity explains that when planning your estate in anticipation of a second marriage, you still need to keep your first marriage in mind. You need to ensure that you continue to provide for your first spouse if you are under any legal obligation to do so. In addition, if you have children from your first marriage, you need to make sure they are covered, along with allowances for any additional children you may have in your new marriage. Remember that children under 18 cannot legally hold assets in their own names and that you may need to set up a trust or other special ownership for them.
It usually helps to involve your family when changing your estate plan. It helps if everyone is on the same page, including your children. This can help to prevent issues after your death if someone objects to something in your plan.
It is also important to identify assets you want to keep as your separate property. Doing so before you get married will help ensure they these assets separate and do not become marital property belonging to you and your new spouse. You may also want to add a prenuptial agreement to your documents.
In general, you want to review everything.
This information is for education only. It is not legal advice. The choice of a lawyer is an important one and should not be based on advertisements alone.