Often, when people tie the knot, they expect to stay in a marriage with their spouse for the rest of their life. However, things do not always work out well and some couples ultimately end their marriage. This can bring on a number of changes in one’s life, especially when it comes to financial matters such as estate planning. Moreover, some people may choose to get married to someone else, and this can also give rise to various considerations related to one’s estate plan. Whether someone wishes to modify an existing estate plan or set up a will or trust after their second marriage, it is essential to be careful moving forward.
Second marriages can be very positive for those who may have left an abusive or otherwise toxic marriage. With a fresh outlook on life and hope for the future, many people are excited to move forward with their new spouse. However, it is important to consider the different ways in which a second marriage could affect you and your loved ones financially. First, if you have an estate plan from your previous marriage, you should carefully go over the plan and think about your options. You may be able to make key changes to your existing estate plan.
Or, perhaps you are creating a new estate plan. In this case, you may need to consider how your estate will be distributed among family members, which could include children from your previous marriage as well as stepchildren from your new marriage.