Estate planning is crucial for everyone. It ensures your loved ones receive their inheritance without conflicts. In addition, it proclaims your wishes should you be unable to make vital decisions.
It is essential to revise your plan when you experience a change in your life to keep it up to date. And one of the changes you can go through is remarriage.
Here are four estate planning tips after you remarry.
Protect the inheritance of your children
Ensure that your documents have the names of children from your previous marriage as beneficiaries to protect their inheritance. If you plan to have kids in the new marriage, you will add their names when that happens. This ensures all your kids are protected when you become incapacitated.
Consider changing titles
If some of your assets were titled in both your name and that of your ex-spouse, you may want to change that. This is because if you pass away, your ownership share may automatically be transferred to the surviving partner.
Pick the assets to hold individually
Undoubtedly, you will purchase assets while in your new marriage. Thus, it can help to choose assets to hold individually. Each will have the determined community properties in individual estate plans.
Have an honest discussion with your new spouse
You need to have an in-depth conversation about estate planning with your new spouse. Talk about any changes you can make to in both your plans and clauses you are not willing to alter. For instance, if they have kids from their previous relationship, discuss whether they can be beneficiaries of your estate or remain in their plan only.
Estate planning can be complicated when you remarry. However, with the right tips and expert guidance, you should have a smooth transition.