Are you contemplating remarriage? If the answer is yes, are you also thinking about the impact on your estate planning? We would like to share with you three essential points about estate planning and remarriage that you may need to understand and discuss with your partner. We would also suggest that you hire a Florida attorney with experience in estate planning and remarriage. She can help ensure that the wishes of you and your spouse are protected and will be carried out.
1. If there are children from your prior marriages you will want to protect them. The protection of your children from a previous marriage is a very important and sensitive issue. With your estate planning both parties can ensure that their children from prior marriages are protected in the event that their parent dies and is survived by the new spouse. By not completing the appropriate estate planning, you can imagine a scenario where one spouse with children from a prior marriage dies and, after inheriting the entire estate, the surviving spouse disinherits those children by leaving everything only to the natural born children of the surviving spouse.
2. Your new spouse must be protected. Protection of the new spouse after remarriage is another important subject that estate planning will legally address. After remarriage, if one spouse dies before updating his or her will and beneficiary designations to include his or her new spouse, it is possible the new spouse is left without the inheritance his or her spouse wanted. For example, if the life insurance policy was not updated to replace the ex-spouse’s name with the current spouse’s name, it is possible the life insurance proceeds will be paid to the ex-spouse.
3. Both you and your future spouse should make it a priority to protect your health care wishes. Your estate plan will have an advanced health care directive and/or living will in place. Sadly, a remarriage can increase the possibility that there will be some internal disagreements within the family as to the medical decisions being made by one spouse when the other is incapacitated. In appropriately drafted and signed legal documents, spouses can inform everyone of their specific wishes regarding healthcare decisions and medical treatment and eliminate the potential for conflict.
If you have remarried or are planning to remarry, our office can help you reevaluate your estate plan to reflect your change in life circumstances. At Britton G. Swank, P.A., our mission is to guide you in the right direction to help you provide for yourself and your loved ones no matter what the future holds. We want to help you control the assets you have, leave them to people and causes you care about, when you want, in the way you want. We can help you take care of yourself and those you love in the event of disability due to illness, injury or old age. No matter what risks unfold, we can help give you the comfort of knowing you are prepared. We want you to feel good about your future and the future of your loved ones. We encourage you to contact us and schedule a meeting.