Whether your first marriage ended because of a divorce or the unfortunate passing of your spouse, finding love again and remarrying often feels like a fresh start. However, California residents who remarry should be sure to update their estate plans.
Estate planning for blended families
Remarriage often leads to the blending of families when both spouses come into the second marriage with children. Regardless of the age of the children, it’s important to consider the expansion of your family in your estate plan.
Couples who remarry while having adult children often decide to just leave their estate plans in place, with each spouse leaving assets to their adult children upon their passing. However, if the children are younger, you and your new spouse will become integral parts of their lives. Being sure that everyone gets taken care of may change your current estate plan.
Correct outdated information
Reviewing your state plan when you remarry provides you with an opportunity to address any gaps that exist in your current documents. For instance, if your former spouse is your agent under your medical power of attorney, you may want to address that choice. Also, upon remarriage, you may want to evaluate your will, insurance policies and other financial considerations.
Have open conversations
Estate planning requires you to have some difficult conversations with yourself and with your new spouse. Creating advanced medical directives and discussing financial assets are both important parts of estate planning. Be honest with your new spouse about your current financial status, your personal healthcare wishes and every other part of your estate plan.
It’s a good idea to revisit your estate plan any time you experience a change in your life. Remarriage is a joyous occasion, but updating your estate plan is an important part of doing so.