Entering a second marriage is a fresh start, but it also brings unique financial and legal considerations. Without a clear estate plan, unintended consequences can arise – such as assets not reaching children from a previous marriage or disputes over inheritance.
Thoughtful estate planning helps ensure that your wishes are honored while protecting your new spouse and your other loved ones.
New beneficiary designations and will updates
Updating beneficiary designations on life insurance policies, retirement accounts and investment funds is crucial in a second marriage. Additionally, a well-crafted will update helps ensure that assets are distributed according to your wishes.
Renewed advance care directives
Solid advance health care directives help clarify your medical preferences and appoint a health care proxy to make decisions on your behalf. This can be especially important in blended families, where conflicts may arise between a spouse and adult children from a previous marriage or relationship regarding your medical care.
Prenuptial and postnuptial agreements
While not typically considered estate planning documents, a prenuptial agreement can clarify asset division and inheritance expectations before marriage, while a postnuptial agreement serves the same purpose after marriage. These marital agreements help prevent conflicts and offer protection for both spouses’ financial interests.
A second marriage is an opportunity for a new life chapter. Legal guidance from an estate planning professional can help ensure your latest chapter gets off to a good start.
