Any time you have a major life change, that’s a good time to think about working on your estate plan. Your estate plan goes over how you’re going to pass on your assets and what you want to have happen if you become incapacitated, so it makes sense to update it any time your wishes might change.
If you are planning to get remarried, now is the time to double check that your estate plan is as expected. You’ll want to make sure you remove your ex-spouse from roles you don’t want them in or set up a trust to be sure that your child from a previous marriage is still in line to inherit the appropriate assets.
Updating your estate plan is a vital step before remarriage
Updating your estate plan is something you should do every few years anyway, since laws and preferences change, but when a major event occurs it’s more important than ever. Updating your estate plan gives you the opportunity to remove people as your health care advocates or to change revocable trusts to reflect the situation you’re in now. With the right changes, you’ll be better off, and the people you want to protect will still keep their protections despite the remarriage.
You may also want to add new people to your estate plan. Will you have new stepchildren? Do you want to accommodate a certain request in a prenuptial agreement in your estate plan? Figuring out what you need to do now can help you be sure that your loved ones are all taken care of when you pass away. Additionally, if you are incapacitated and can’t make decisions for yourself, you’ll know that your current friends and family are the ones who can make decisions on your behalf.
Perform a review to protect yourself and those you love
Every estate plan is different, but one thing is true about them all: They have to grow and evolve over time. Taking a few moments to review your estate plan will help you be sure that you’re getting the most out of it and protecting everything that you hold dear.