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How should you handle your estate plan during your second marriage?

On Behalf of | Feb 20, 2020 | Divorce, Estate Planning |

After a divorce, it may be time for you to alter your estate plan. The truth is that you should update your estate plan whenever there is major event in your life. This includes any divorces or marriages that occur. After your divorce, you may plan to remarry. Couples do not always think about the complications that can come up when it comes to blended families. How should you handle your estate plan when you marry for the second time? It is true that you do need to consider alterations to the original plan, but how you alter it is ultimately up to you. 

According to Forbes, you still have financial obligations with your former spouse, it may be easier for you to keep your accounts separate. Likewise, it is important to note that if you had debts with your former spouse; some creditors will not honor the divorce settlement and may still try to access you and your new spouse’s finances. 

In addition, you may want to consider a trust that can keep your assets separate. For instance, if you have children with your former spouse and your new spouse has children of his or her own, you may want to ensure that your children receive an inheritance if anything happens to you. To do this, you need to establish a trust that keeps your assets from commingling after your death. 

A trust can also help the court and your children understand your wishes about the inheritance. If you die without an estate plan, there may be confusion as to whether or not your children receive an inheritance when you die or when your second spouse dies.