I’m getting remarried. Should I update my Will?

You’re getting remarried – congratulations! As you know, getting married is a big deal, and a lot of things change. Your Will should be one of them. You need to update your Will and other estate planning documents.

A spouse typically plays a prominent role in estate plans. Usually, a spouse is a beneficiary and named to positions of authority. Most times, when one remarries, updates are needed to their estate plan – especially if you didn’t update it after the dissolution of the previous marriage.

What do you need to pay attention to?

Look at your will, 401ks and other retirement accounts, life insurance policies, as well as payable on death (POD) and transfer on death (TOD) accounts. Who is the listed beneficiary? If you do not want to change it to your new spouse, make sure you direct it appropriately.

Who is your power of attorney (POA)? POAs grant powers to a named agent that can include conducting legal and financial business on behalf of the principal. Therefore, you will want to make sure you have someone you trust and can handle the task named as your POA.

If you have a serious health problem, who is your health care surrogate? This person will have the authority to make health care decisions on your behalf should you become incapacitated.

Administering your estate after you pass away is not a simple task. So, be sure your representative, or executor, can handle the critical task of managing your estate.

There are often new dynamics that come into play with remarriage. Do you have children from a previous marriage? If so, protecting their inheritance rights may be important to you.

Review Your Plans

It is always a good idea to review your estate planning documents when a life event happens – and sometimes attorneys can ask the right questions to help you think the process through on a more situational level.

What other events should trigger an estate plan review? For example, a marriage or a divorce. Had a baby? Has someone passed away? Significant events can often change our plans for the future. Accordingly, estate planning is done using present-day life circumstances, so life changes often go hand-in-hand with estate planning changes.

The attorneys at Gray Law Group handle estate planning for our clients – addressing their individual needs and situations to ensure they have everything needed to protect their loved ones. Which is why you should call today to schedule a free consultation.