Remarriage inspires estate planning considerations that shouldn’t be overlooked. When you’re blending families, acquiring new assets or navigating obligations from a prior marriage, revisiting and updating your estate plan after remarriage can make a big difference when it comes to protecting your loved ones and better ensuring that your wishes are ultimately honored.
One of the most important decisions involves how assets will be distributed. Without a clear estate plan, state intestacy laws may direct more of your estate to your new spouse than intended, potentially leaving children from a previous marriage with less than you hoped. A well-structured estate plan can help you balance providing for your new spouse while preserving assets for children from your prior relationship, if applicable to your circumstances.
Making necessary adjustments
Wills and trusts play a central role in this process. Many remarried individuals create a revocable living trust or marital trust to ensure that their spouse is supported during their lifetime, with remaining assets going to children afterward. These tools can help avoid conflicts and reduce the risk of legal challenges after your passing. A qualified terminable interest property (QTIP) trust is another option that allows you to provide income to your surviving spouse for life while maintaining control over the ultimate distribution of the principal.
Updating beneficiary designations is also important. Life insurance policies, retirement accounts and payable-on-death bank accounts pass outside of your will or trust, so make sure those designations align with your current wishes. It’s not uncommon for people to forget to update beneficiaries after divorce or remarriage, which can lead to unintended results.
You’ll also want to revisit powers of attorney and advance directives. Choosing who will make medical or financial decisions on your behalf in the event of incapacity may involve different considerations now that you’ve remarried.
Every remarriage is unique, and estate planning should be tailored accordingly. Seeking legal guidance is a good way to start moving forward.