How Does Getting Remarried Affect My Estate Planning?

Getting married for the second time is a life event that should trigger an update to your estate plan. A remarriage raises complex questions about how you and your new spouse wish to combine your lives, both now and in the future. Without a current estate plan, there’s no guarantee your preferences will be honored according to your intentions.

Understanding the Impact of Remarriage on Existing Estate Plans

Getting advice from an experienced lawyer is crucial when it comes to second marriages and estate planning in Arizona. Here’s why:

In a divorce, many provisions granted to your former spouse are revoked once the court issues a divorce decree. Responsibilities such as serving as a trustee or executor of an estate are voided. So is decision-making authority granted in your powers of attorney. These automatic revocations may give you relief initially but do not eliminate the need to change your estate plan. Without an updated plan, your ex-spouse could have rights to certain benefits you would instead give your new partner.

Additionally, you may also want to name your new spouse as executor of your estate and consider redistributing assets if you now have a blended family with children from a prior marriage. There may even be circumstances where you wish for your ex to retain some control over your estate. Documenting your new preferences with the help of an estate planning attorney can prevent costly and painful disputes later.

Should I Get a Premarital Agreement?

Before you remarry, consider drafting and signing a prenuptial agreement with your new spouse, especially if you do not intend to include them in your estate plan. A prenuptial agreement allows you to keep your estates separate if you prefer, which can help avoid conflicts between your families when you or your new spouse pass away.

Key Estate Planning Documents to Review and Update with Your Family

When you get remarried, various estate planning considerations can be accounted for by reviewing documents like:

• Wills – Even though divorce disqualifies an ex-spouse from becoming a beneficiary of the estate, you can update your will after remarriage to add your new spouse as a beneficiary or name them to serve as the estate’s personal representative (executor).
• Trusts – You can revise your trust documents to add your new spouse and their family members to your trust if you wish.
• Powers of attorney – You may want to update your durable power of attorney or healthcare proxy document to give your new spouse the authority to make decisions for you if you become incapacitated.
• Guardianships – If the second marriage includes minor children, you may want to review guardianship designations to ensure your kids have a trusted individual to care for them if you or your spouse die.
• Beneficiary designations – Review your financial and retirement accounts to change beneficiary designations that name your ex-spouse.

Establish Who Owns What

When you remarry, reviewing your estate plan should also include discussing marital property with your current spouse. Establishing and documenting what assets each spouse brings into a second marriage can help avoid family discord when one spouse dies and prevent accidental disinheritances.

Contact an Experienced Estate Planning Lawyer

A second marriage is a joyous event that should prompt you to reconsider how you want your affairs handled if you die or become incapacitated. An estate planning attorney from Brown & Hobkirk, PLLC can help you make necessary updates to your estate plan so it reflects your current wishes and leaves the legacy you want for your family members. Contact our firm today for a remarriage estate planning & free consultation.