Reworking Your Estate Plan before You Marry Again

Reworking Your Estate Plan before You Marry AgainIt is common knowledge that just over half of all marriages today end in divorce. Other individuals lose their spouses through death. The result is that remarriage has become very frequent. Getting married a second time, however, can be accompanied by some difficult and complex financial issues, and it may well be in your best interests to rework your estate plan with the assistance of a College Station estate attorney.

 

Honesty

Getting married a second time can give you a new lease on life. People who become single again after a long marriage often yearn for the companionship that a good marriage provides. A second marriage is a time to celebrate and feel joy. It is also, however, a time when it is necessary to discuss what may be rather delicate matters with your new future spouse. It is very important that both individuals are honest with each other. While feelings can be hurt to some degree, failing to be honest can ultimately yield a great deal more heartache.

 

Getting Started on a New Estate Plan

The matters you will need to consider depend upon your circumstances. For instance, if you are widowed and are planning to remarry, you need to discuss with your future spouse where you will ultimately want to be buried. Just this issue alone can be fraught with emotion, not just for the two of you but for any children you have as well.

To begin on a new estate plan, then, you need to take an inventory of your life. Now that you are remarrying, whatever estate plans you have in place will need to be reconsidered. If you have life insurance policies and/or a retirement plan, for instance, you may want to change the names of the beneficiaries.

 

Making Financial and Health Decisions

You and your future spouse will need to discuss how you will handle finances. If one of you is burdened with debt, you may wish to keep accounts separate and not purchase items jointly. If both of you own homes, you will need to decide what to do with the second house.

If you are entering middle age or are older, you should consider purchasing long-term care insurance. Many seniors require assisted care at some point, and the cost can wipe out savings if you don’t have insurance.

If one or both of you have children, you need to discuss beneficiaries of your assets. You may wish to consider a prenuptial agreement whereby each other’s assets remain separate for the ultimate benefit of your respective children.

 

Work with an Attorney

Your College Station estate attorney can help ensure that you rework your estate plan in such a way that reflects the changes in your life occurring as you remarry. Call Peterson Law Group today to arrange a consultation at 979-703-7014 or 936-337-4681.

About Chris Peterson

Chris Peterson is an attorney and the owner and founder of Peterson Law Group, a Texas law firm with offices in Bryan/College Station and Kingwood. He mainly practices in the areas of Estate Planning and Business Planning. Chris is also a Certified Estate Planner. Besides his law practice, Chris is a serial entrepreneur and community volunteer. He is known for his cutting edge law practice that utilizes technology to deliver efficient, excellent work.