Getting married again after a divorce or the death of a spouse marks the beginning of a new stage. However, your new relationship will affect many areas of your life, including your children’s inheritance. For this reason, it’s essential that you revisit and update your estate plan.
Here are some updates you should make to your estate plan after you remarry.
Beneficiary information
When you first created your estate plan, you most likely named your ex-spouse as one of the beneficiaries. However, changing that information is a good idea now that you’ve remarried. Update your estate plan by changing the beneficiaries and indicating how you want your property distributed once you pass on.
Retitle your assets
Apart from updating beneficiary information on your estate plan, you should double-check how your assets are titled. Assets titled as transfer on death, joint with rights of survivorship or payable on death, will automatically be transferred to the surviving owner. Therefore, if you don’t want your assets to go to your ex-spouse, ensure you retitle them.
Power of attorney
If you don’t want your ex to become your power of attorney, make sure you update that information on your estate plan. Remember to name who you wish to provide for your care and make decisions in the event of an illness.
Transfer your assets into a trust to protect your spouse and children
You obviously want your spouse to be comfortable without diminishing your children’s inheritance. In this case, creating a trust may be particularly beneficial. For instance, a trust could allow your spouse to continue living in your home, but they may not be able to sell or refinance it. This way, your children can inherit your house after your spouse dies.
It’s essential that you update your estate plan after remarrying or when changes in your life occur. This will help you maintain documents that reflect your true wishes regarding your assets and who receives them.