Remarriage Should Cause Second Look at Estate Plan

Taking a look at your estate plan if you plan to remarry may result in revisions.

Remarriage should spark a renewed interest in your estate plan, according to a CNBC article “Getting remarried? Protect your assets and your interests.”

Most of the difficulty in an estate plan caused by divorce and remarriage can be avoid if the estate plan is updated properly to reflect the circumstances.

The CNBC article lists some common estate planning mistakes that people make when getting remarried, including:

• Not deciding whether beneficiary designations on financial accounts should be changed.
• Not having a plan for which assets can be comingled with the new spouse’s assets and which should not be.
• Not having an estate plan at all.
• Not considering a prenuptial agreement.
• Failing to give proper verbal instructions to family members.
• Not deciding whether a house needs to be re-titled.
• Not purchasing long term care insurance or otherwise planning for nursing home care.

An estate planning attorney can guide you in avoiding the problems.

Reference: CNBC (July 28, 2016) “Getting remarried? Protect your assets and your interests.”