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Estate planning for second marriages can be a complex process. Spouses in blended families usually want to leave assets to their children while also providing for their new spouse and any additional children or step-children. You can account for new family dynamics in a well-crafted estate plan.
If you’ve recently gotten remarried, here are a few important things to keep in mind as you update — or create — your estate plan to reflect your new marriage.
Open Communication is Key
New spouses should have an open dialogue about their objectives for their estate plans. Clear communication during estate planning can help spouses understand each person’s wishes and work together to develop estate plans that align with those goals.
Update Beneficiary Designations
Couples should review their estate planning documents and update beneficiary designations in their wills, trusts, financial accounts, pension and/or retirement accounts, and life insurance policies to ensure that those documents do not continue to list their former spouse as a beneficiary.
Consider a Prenuptial or Postnuptial Agreement
Spouses who remarry may use prenuptial or postnuptial agreements to preserve the assets and wealth they bring into the marriage and protect them for distribution to each spouse’s children or family members. Should a second marriage fail, a pre- or postnuptial agreement can make the property division process in divorce more straightforward.
Utilize Trusts for Asset Distribution
Trusts can facilitate the efficient distribution of assets under an estate plan. Assets placed in a trust can pass to beneficiaries without going through the probate process for the settlor’s estate. Trusts also offer additional financial and estate planning benefits for spouses entering a second or subsequent marriage, including minimizing estate taxes and providing asset protection in the event of a divorce.
Draft a Comprehensive Estate Plan
Upon remarriage, spouses can best protect their respective interests by drafting comprehensive estate plans that ensure their estate passes according to their preferences. A well-rounded estate plan may include tools such as a will, trusts, guardianships, beneficiary designations, powers of attorney, and advance healthcare directives — each designed to safeguard your assets and protect the best interests of the people you care about. An estate planning lawyer can help you create a plan that recognizes the unique circumstances of a blended family.
Address Guardianship for Minor Children
Spouses who get remarried with minor children should also ensure their estate plan addresses custody of their children if they pass away. If a spouse’s children still have their other parent, that parent may take custody. However, if a person remarries after their spouse passes away, they may nominate someone in their will to serve as guardian for their minor children.
Regularly Review and Update Your Plan
After updating their estate plans following a remarriage, spouses should review them every three to five years to ensure the plans remain up-to-date, reflect their current intentions, and comply with Arizona law If you experience any major life change before then, such as the birth or adoption of a child, you should modify your estate plan then.
Consult an Arizona Estate Planning Attorney
If you recently remarried, an experienced attorney can help you and your spouse address the unique circumstances of blended family estate planning. Contact Pennington Law, PLLC today for a free consultation to discuss best practices with a member of our legal team.
