Love is a beautiful thing. And finding love again, especially after a protracted divorce, can bring immense joy into your life. However, one of the things you must never overlook after remarrying is updating your estate plan. This is especially important if you are dealing with a blended family.
Updating your estate plan after remarriage does not have to be a daunting task. Here are a couple of questions that can guide you when updating your estate plan after remarriage.
How will you protect your children from the previous relationship?
If you have children from a previous relationship, it is important that you figure out how to incorporate them into your new estate plan. This will ensure that your new spouse does not inherit everything or scheme to disinherit your children should you pass on.
Here are three options you can consider when including children from the previous relationship in your estate plan:
- Set aside specific assets for your children in your will
- Set up a living trust with your children as the beneficiaries
- Sign up for a life insurance policy for the children
Remember, the idea is to safeguard your children’s interests and future.
Have you removed your ex as a beneficiary?
Even after finalizing your divorce, your ex may still appear as a beneficiary in some assets like your insurance policy, retirement accounts and 401(k) plan. It is important that you review and update your beneficiary designations to reflect your current wishes.
The same applies to the power of attorneys. It is not uncommon for couples to give their spouses the medical or financial power of attorneys. If this is the case with you, it is important that you strip your ex of these powers. The last thing you want is to have someone you are no longer in a relationship with making medical and financial decisions on your behalf.
Falling in love and remarrying after divorce is quite common. Find out how a properly written estate plan can help you secure your future and loved ones after the divorce.