Getting Remarried Should Trigger an Update to Your Estate Plan

 Posted on October 19,2016 in Beneficiaries

Love might have failed you before, but the fact that you are planning on getting remarried proves you have not abandoned all hope. Just do not let that cloud your judgement when it comes to updating your estate plan. Do not have one yet? You are certainly not alone, but this can be problematic for more reasons than one. The following explains further, and provides some guidance on estate planning matters you may want to consider before or immediately after you walk down the aisle.

No Will? You Might Have a Problem

Some blended families just do not blend. Others manage to get along fairly well, but tensions may mount if you pass away without a will. You see, without a will, your estate will be divided up according to Illinois state law. This essentially means that your spouse would receive half of your estate, and that your children would have to split the remaining half. Even more troubling is that this law does not address issues involving family heirlooms or other items you may not want sold. Instead, your family will be left to battle it out, which could take several months, possibly even years. Thankfully, a will can and often does eliminate a great deal of the potential discourse.

Making Updates to an Existing Will

If you already have a will, you are already one step ahead of most. Still, an update is generally necessary when remarrying. Your beneficiaries likely need to be updated to ensure the parties you wish to have inherit your assets and/or tangible property are the ones that are actually listed. You might also want to take a look at your power of attorney and advanced healthcare directives to ensure that the person you want in charge is, in fact, listed.

Also, do not forget to update any life insurance policies and retirement accounts to reflect what is in your will. Otherwise, portions of your will may not matter. For example, if your ex-spouse is still listed as the beneficiary of your life insurance policy, it is likely they will receive the money instead of your current spouse. You should also review any titled assets you may own to avoid conflicts in titling and joint tenancy laws, which can also nullify any wishes expressed in a will.

Contact Our DuPage County Estate Planning Lawyers

If you are getting remarried and need assistance crafting or updating a will, our DuPage County estate planning lawyers can help. Dedicated to ensuring your wishes are carried out upon your death, we have the skills and knowledge needed to creatively address any will or trust issues you and your loved ones may face. Schedule your consultation with Stock, Carlson & Asso. LLC to learn more. Call 630-665-2500 today.

Source:

http://www.cnbc.com/2016/10/14/remarrying-update-your-estate-plan.html