There are numerous situations that can arise in life that may warrant you taking a second look at your estate plan, and entering into a second marriage presents one such circumstance. Anytime your family changes, whether because of divorce, a new child or what have you, you may have cause to update or modify your estate plan. It is particularly important going into a second marriage.
Just what types of estate planning steps might you want to take as you prepare to enter into a second or subsequent marriage?
Updating account and beneficiary designations
Most married parties play a substantial role in their spouse’s estate plans, but once you divorce your spouse, your needs and desires will likely change. For example, you may have named your former spouse as your beneficiary on your retirement plans, life insurance policies and so on, but you may well want to modify this once you split from this person and marry someone else.
Taking steps to protect your children
When you enter into a second marriage, you may need to take steps to financially protect the children you already have. Or, you may find you have stepchildren you now wish to provide for after you pass on. You may, too, have some children from a previous marriage and some children from your new one. All these situations may warrant taking a second look at your estate plan.
Considering potential guardianship issues
Having a blended family can also potentially give rise to guardianship issues. Depending on why your first marriage ended and the relationship you may or may not have with your former spouse, you may need to update the person you named as your child’s guardian once you enter into a second marriage.
While these are some key areas of your estate plan that you may want to revisit once you marry for a second time, please note that this is not an exhaustive list of all areas that may warrant a review.