Upon remarriage, an astute person knows that this represents one of the many times to update a will as part of an estate plan. Remarriage is a life change that signals the need to revise your will. Other times include the birth of a child, divorce, death of a beneficiary and starting a business.
In some cases, when people remarry, they gain additional family members, including the children of their new spouses. This situation also, adds an extra layer to a will revision. But the real point is that the will needs a makeover.
Update beneficiaries
Your will needs regular attention and should typically receive an update every three to five years. When you remarry or become a stepparent, you should promptly meet with an estate planning attorney to make those changes.
So how will your will change after remarriage or remarriage with stepchildren? Here are some matters that require attention:
- Update your beneficiaries list: This would include your new spouse and stepchildren. You want to leave them assets, so make your wishes known in your revised.
- When gaining stepchildren: Upon your marriage or remarriage, understand that your stepchildren do not automatically become heirs. They are not entitled to inherit assets. The only way your stepchildren will inherit assets is if you specify your wishes in your will, and designated certain assets and money for them.
Also, do not neglect to update your powers of attorney regarding health care and financial matters. Although these documents are separate from a will, they often are created at the same time as a will
A health care power of attorney authorizes someone to make medical decisions on your behalf if you are unable to do so. A financial power of attorney allows the person you selected to oversee your financial matters. These documents come into play if you are unable to communicate or are in a coma.
By updating powers of attorney, you may avoid disputes and among members of your blended family.
Gaining peace of mind
Get your estate in order after a remarriage. It can make matters go smoother and provide your family with significant peace of mind.