Estate planning for second marriages is an important topic. If you are engaged to be married a second time, or are currently in your second marriage, you must think about your estate plan.
If you are planning a second marriage, you may wish to avoid some of your past mistakes. Estate planning for your second marriage can possibly help you in that regard.
Prenuptial Agreements
You may now know that not all marriages are successful. Marriage is hard work and is a partnership. If both partners are coming to the relationship with assets (or even if just one is), it may be smart to draft a prenuptial agreement to protect those in the event of a split.
Trusts
If you have children from a prior relationship, you may have assets that you wish to pass on to them. Both irrevocable and revocable trusts are a good option to protect your assets for your children. Speak with an attorney to discuss which is best for your situation.
Wills
Another must-have for a second marriage estate plan is a will. This will direct where your assets go when you pass away. This is critical to direct which assets you wish to stay with your children, your spouse, and other family members.
Power of Attorney
This is another critical piece of your estate plan. It allows another person to make decisions on your behalf should you be unable to do so. This person could be your spouse, your adult children, or another family member or friend.
Healthcare Surrogate
The healthcare surrogate is a person you nominate to act in your stead when it comes to medical decisions, if you are unable to do so. Similar to the power of attorney, this person can be your spouse, an adult child, or another family member or friend.
Estate Planning for Second Marriages
If it’s been a year or two since your estate plan has been reviewed, contact a local attorney today. If you are engaged to be married a second time, or are currently in your second marriage, estate planning is even more important.