Estate planning tips for second marriages

POST DATE: 3.21.21
Ccha  Estate Planning

Congratulations on your nuptials, whether they just concluded or are in the near future! As you embark on the next phase of your lives together, estate planning should be at the top of your mind and to-do list, especially if this is your second marriage. CCHA is here to help you navigate important estate planning issues as they relate to your new union.

CCHA march 2021 estate planning tips for second marriages

If you haven’t already said “I do” again, it’s a good idea to revisit estate plans. Deciding where your assets and those belonging to your spouse will go when you both die can often get overlooked in all the hustle and bustle.

If either party has children from a previous marriage, the discussion around assets and where they will go can sometimes lead to a complicated discussion. There are quite a few options you can utilize to ensure your children are provided for especially when making considerations for blended families. A trust is often a good option. If neither party has children, there may still be items (ie: family heirlooms and prized possessions) you want to keep in the family. These items should be discussed between you and your spouse or soon-to-be spouse and addressed accordingly.

Account beneficiaries

Updating beneficiaries on retirement accounts, life insurance policies and other investments, is one easily overlooked item after remarrying. Making these changes is important to help avoid unintended consequences. Updating these documents is key to ensuring your money ends up with who you intend it to.

The home

Often with second marriages, one spouse may be bringing a home into the marriage or you may be buying a new home together. It is important to update your estate plan to make sure this process flows smoothly and to ensure the desired result if one spouse were to die.

Belongings + family heirlooms + prized possessions

You have likely acquired special items you want to ensure wind up with the perfect owner. If you want your children to receive particular items when you pass away, it’s important to be as specific as possible in your will so there is no room for interpretation.

Consider creating or revisiting a trust

CCHA has previously discussed whether your estate plan should include a trust, the basics of a revocable trust and three reasons you may need a trust. While trusts are not for everyone, they can be beneficial for many, depending upon that person’s particular situation. If upon review of those blogs you still have questions about whether a trust is in the best interest of your estate planning efforts, get in touch with CCHA. We’re here to help you create and manage the best estate plan for your family and circumstances.