Gregory S. DuPont
Remarriage and Estate Planning: What You Need To Know
Despite the best intentions, a marriage may not last forever. If you are divorced or widowed and planning to remarry, you may want to take the opportunity to review and revise your estate conservation strategies. This is especially important if you and your future spouse have children from previous marriages. Regardless of the details of your situation, it is important to be aware of the potentially sensitive aspects of estate planning. With a little forethought before your wedding day, you can save your loved ones from a great deal of confusion and heartache in the future.
Learn Your Options
Do I Need Asset Protection?
Familiarize yourself with the advantages and disadvantages of different types of asset ownership. If you would like your assets to pass entirely to your children, you may want to put those assets in your own name. It is important to know that new assets acquired in joint tenancy with your spouse will automatically be passed on to the surviving spouse.
Talk With Your Future Spouse
Consider a premarital agreement to legally detail your property arrangements. While you may feel ambivalent about broaching this subject, a formalized agreement can help facilitate your wishes. It’s better to ensure you and your future spouse are on the same page about your estate plans before you tie the knot rather than putting off the conversation.
Revisit the Paperwork
Review your wills and estate planning and update the beneficiary arrangements of your life insurance policy to guarantee that your property is distributed according to your wishes upon your death.
It’s important to ensure your plan accurately reflects your wishes today. As you prepare for and experience a major life change, such as remarriage, be sure to consult with an estate planning attorney and team comprising a qualified tax, legal, and financial professionals. Our team would be happy to help as you plan the next important stage in your life.