A 2ND MARRIAGE MEANS REVISITING ESTATE PLANNING
Jan. 29, 2019
Getting married is often a fanfare occasion for many Florida residents, even if it is not for the first time. Still, a second marriage can bring many life changes, and whenever such major events occur, it is important to update estate plans. Estate planning is an ongoing process, and while updates should be made regularly anyway, doing so after a significant life change is wise.
There are unique factors to consider when estate planning after a second marriage. For instance, a person may have certain obligations to an ex-spouse due to a divorce order that need addressing in the estate plan. Additionally, parents may want to find the best ways to protect inheritances for their children from their previous relationships, but they may also want to include something for any stepchildren.
Some individuals may also have had a contentious property division process during their divorces. As a result, they may want to talk with their new spouses about whether they want to commingle their assets. If so, some parties may want to create joint accounts to use while both spouses are alive, which often pass directly to a co-owner in the event of one owner's death. If they do not want to commingle assets but do want their spouses to inherit the property in the event of their demises, they may want to name them as beneficiaries.
A person's estate plan can evolve over time. If Florida residents started estate planning early, they may have had fairly simply plans. However, as they reach more life events, they may need more comprehensive plans. Fortunately, estate planning attorneys can help every step of the way.