![]() Below is a checklist to help ensure you considered all estate planning issues before your wedding. Estate Planning Checklist Before Remarryingīefore you and your partner say, “I do,” it is wise to review your estate plan. Discuss these issues before the wedding and execute the necessary documents to ensure your wishes are carried out if you cannot speak for yourself. ![]() Incapacitation planning should be a part of every estate plan. Adult children often feel as if they have the right to make healthcare decisions for their parents, even though their parents may have remarried. These issues usually arise when adult children are involved. Who will pay these costs? Do you have an asset protection plan in place that protects your new spouse and your children? Healthcare Decisions and Incapacitation Planning It is important to discuss long-term care planning with your partner before remarrying. Long-Term Care CostsĪs we age, the chance we might need long-term care increases. It can also resolve some of the estate questions that arise in second marriages. A prenuptial agreement can resolve many of the financial issues that a couple might face if they divorced. Pre-marital agreements can be very useful in estate planning. You may want to preserve some family heirlooms and property for your children or blood relatives while leaving marital property to your new spouse or dividing it equally between children and step-children. ![]() Often, a trust is one of the best ways to provide for minor children from a prior marriage.ĭiscuss how you want to handle property you own before the marriage and property you acquire during the marriage. If you have children from a previous marriage or relationship, it is important to provide for their care while providing for your spouse in the event of your death. Some important estate planning issues to discuss before entering a second or subsequent marriage include: Children from Previous Marriages and Relationships Estate Planning Considerations for Parties Who are Remarryingīefore you remarry, there are several issues you and your spouse need to consider. Through open and transparent discussions, each person can develop an estate plan that meets his or her goals and desires while considering the other person’s feelings and needs too. The need and desire to protect what they consider “their” property might cause disagreements.Įngaging in estate planning before remarrying can resolve many issues the couples might face. Download the Estate Planning Essentials Guide to learn everything you need to know to give your family a priceless gift!įor more information, visit our YouTube channel for Frequently Asked Questions about estate planning.Combining finances can be tricky, especially if either person went through a difficult divorce that included litigation regarding property division. More importantly, estate planning ensures who will care for any younger children and that they will have access to whatever financial resources are available. Estate planning allows you to consider these decisions, long before an illness or injury occurs, so that there is clear direction for your family, and your wishes are carried out, exactly as you intended. These misconceptions often leave family members with difficult and sometimes, controversial decisions. Misconception #4: They believe that they do not have enough assets to make estate planning worthwhile.Misconception #3: They think that their family members will behave amicably and will sort out the estate by themselves without legal guidance and.Misconception #2: They think that a will is adequate to meet the needs of them and their family.Misconception #1: They believe that working with an estate planner is expensive.In the Estate Planning Essentials Guide, we address common misconceptions about estate planning like: However, nothing could be further from the truth! In addition, some people do not consider the tough decisions that must be made if you are incapacitated – such as a car accident, stroke, or dementia. ![]() Unfortunately, many people believe that having a simple will is adequate, especially if they do not have a large estate. According to Forbes, over half of Americans do not have an estate plan in place, whether that is a simple will, a trust, or other legal provisions.
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