Estate Planning After Remarrying

Getting remarried can feel like a fresh start, but it can be difficult to gauge what’s fair to include in your estate plan in a second marriage. Understanding some of the key factors surrounding a second marriage can help reshape your estate plan appropriately. Here are some essential questions to consider:

•  If you or your new spouse have children, what assets will be left to each of your children?
• What assets will be left to the children you may have together?
• What assets will be retitled in both your names, i.e., a new home, bank accounts?
• Do each of you have a will or trust that needs to be updated?
• Are you planning to set up a separate marital trust to make sure your spouse receives the assets you wish them to have while still maintaining your children’s inheritance?
• Will you need to update your beneficiary information to your new spouse’s information, or do you plan on keeping the same person as the beneficiary?
• Do you have end-of-life planning set up? For example, long-term care insurance and advance healthcare directives can ensure that your wishes are carried out if you’re unable to make financial or medical care decisions.

Asking these critical questions will help you and your new spouse understand each other’s perspective on estate planning. Ideally, these conversations should be discussed sooner rather than later to avoid potential conflicts. It’s also a good idea to speak with a financial advisor about estate planning after remarrying to help ensure everything is carried out in a way that best fits your and your spouse’s needs. JTS Associates is here to help in any way we can. Contact us at (516) 877-5900.