If you are getting married for the second, third or fourth time, it is important to take proactive steps to protect your assets. For instance, putting your Pennsylvania home into a trust can help to ensure that it won’t be seized in a future divorce. It can also help to ensure that it goes to the right beneficiary after you die. Let’s take a look at some other estate planning moves that you might want to make prior to getting married again.
Update your will
If you were to pass intestate, the state would likely appoint your former spouse as the guardian for any children that you share with that individual. However, this could be problematic if you don’t have a good relationship with that person. It may also be problematic if your children don’t have a good relationship with their other biological parent. Therefore, it is important to have a valid will in place that names someone you trust to care for your children if you’re unable to.
Review your estate plan regularly
There is a good chance that your circumstances will change in the months, years or decades after entering into a new union. Therefore, it is important to ensure that the language in a will, trust or other estate planning documents are clear, concise and reflect your true intentions. Furthermore, it’s important that plan documents are executed properly to ensure that they’ll be recognized as valid under state law. Even if the terms of your plan are upheld on appeal, the money for a legal challenge will typically come from your estate. Therefore, there will be less to transfer to future generations after your affairs have been settled.
If you are going to be a part of a blended family, it is important that you take steps to protect your interests. Our firm helps plan and prepare the proper estate plan documents so that your wishes will be carried out. Contact us to discuss your situation and actions that should be taken.