Finding love again later in life may make you feel hopeful and reinvigorated. However, if you do not have the proper planning in place, this subsequent nuptial may set your family up for a battle when you die.
Poor estate planning is one of the top causes of family disputes after a loved one dies. Before tying the knot again, you may want to consider what you want life to look like after your death. Consider these factors when looking at leaping into remarriage.
Why change your will?
Several scenarios require a modification to your will. Anytime you go through a significant life change, you should revisit the terms and heirs. Marriage, the birth of a child, and divorce require you to reconsider how your estate divides. Without doing this, your death may inadvertently lead to a financial burden and legal backlash from those who do not inherit.
How can you split your estate fairly?
When dealing with a second or third marriage, you want to take great pains to ensure that your children inherit the property and assets you intend. However, you also want your new spouse cared for financially. You may address your adult children through other means outside of your will, such as trust accounts and insurance policies. These fiduciary tools pass directly to those you name as beneficiaries and do not have to wade through probate. Their inheritance also does not hang in limbo until the surviving spouse’s death.
Another step in planning your estate is communicating your wishes and decisions with those you love. Getting your adult children and new spouse together to go over your estate plan may stave off negative feelings and animosity during a difficult emotional time.
