How Do Second Marriages Affect Estate Planning?

Things might not have worked out in your first marriage, or your first spouse might have passed away unexpectedly. Now, you might have found someone else whom you want to spend the rest of your life with, and you might be looking forward to getting married and enjoying a new beginning. Of course, there are certain things that you will probably need to do while you’re making this major life change. For example, you might need to think about estate planning. These are some of the ways that second marriages affect estate planning. 

You May Need to Change Everything 

You might have already met with an estate planning lawyer at some point or another, and if so, you might have added your previous spouse to all of your documentation. You might have listed your former spouse as the beneficiary on your life insurance policy and in your will, for example. 

Now, you might need to change all of these things. If you were to pass away before changing these things, then your ex-spouse might get the things that you would have wanted your current partner to get. If you meet with legal professionals like Wilson Law Group, LLC, then they can help you with listing your new spouse on all of your documents. Documentation is essential when it comes to new marriages. To ensure that all of your bases are covered, be sure to work with a legal expert who can help you. 

There might be other changes that you will want to make to your documents, too. If your new spouse has children, for example, you may want to list these children as beneficiaries of some of your money or property when you pass away. It’s important to avoid leaving anything up to assumptions when creating a will or estate plan. If there are ever any disputes, documentation helps to remove any uncertainty. Again, this is something that your lawyer can help you with. 

You’ll Need to Prepare for Your Spouse’s Care 

If you have been single for the past several years, then you might not have had to worry about things like funeral expenses and medical care for another person. Now, though, these might be things that you are worried about. This means that you might need to look into things like purchasing a life insurance policy for your new spouse if you haven’t done so already. Some insurance plans even offer discounts for married couples, so be sure to explore your options so that you can find a plan that best suits your situation. By making these plans now, you can help ensure that you and your spouse have a solid, worry-free future. 

As you can see, second marriages do often affect estate planning in more ways than one. You shouldn’t let this stress you out during an exciting time in your life, though. Instead, you should simply work with a good lawyer who can help you out with any estate planning that might need to be done. 

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