Estate planning is a critical aspect of planning for the future. Even if documentation is already in place, second marriages cause the need for change.
According to the Pew Research Center, remarrying is on the rise for individuals aged 55 and older. Those within this demographic must be aware of certain estate planning factors. This is especially true if children are already in the mix, thus creating a blended family.
Estate planning and second marriages
Questions about estate planning arise after remarriage. You need to decide which assets are to be separate instead of owned together. Is either of you bringing debt into the marriage? Will there be new debts now that you are a pair in the eyes of the law?
Further, ask yourself if you want to retitle your homes or bank accounts in each of your names. What about current beneficiaries named in your wills? You will want to alter yours so that your ex does not receive anything. Consider starting fresh and creating a brand new one together.
Think about whether you want to continue working with your current financial advisors. It may be time to start fresh with another agent.
Estate planning and blended families
If your current spouse has children, consider their needs. Have you and your partner discussed which are to receive particular assets? If you have children together, how will that change the distribution of valuables?
Many estate planning variables should change after you remarry. Mull over these matters so that everything reflects your current marital situation.