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How is estate planning affected by getting remarried?


How is estate planning affected by getting remarried?

| Oct 22, 2019 | estate planning |

Many people decide to get remarried after they experience divorce or the passing of their spouse. In some instances, they may want their new spouse to be the beneficiary of their estate, but for people who have children with their first spouse, they may want their children to receive some or all of the estate. Families here in Texas who want to ensure that their kids are not inadvertently left out of their will may want to heed this expert advice for estate planning after remarriage.

First, just having an estate plan that includes a will is an important step. A person who passes away without one risks having the state make decisions regarding how the estate should be divided. That can take considerable time and may not line up with what the estate owner intended.

Next, the estate owner needs to be sure that he or she changes all the beneficiaries on applicable financial accounts. This is true whether the person wants his or her children or new spouse to be the recipient. Even if the estate owner lists a beneficiary in the will, that designation may not override the official ones listed for each account.

Experts also say that establishing a trust is a good way to ensure that a person’s assets are given to a specific person or persons. The trust distributes money to beneficiaries according to specific provisions. These provisions are determined at the creation of the trust.

The most important thing is for the estate holder to talk about exactly what he or she wants with each member of the family. Doing so will not only help ensure that the estate holder’s wishes are honored, but it will help minimize conflict and questions that loved ones may have during a potentially emotional time. An estate planning attorney here in Texas may prove to be a valuable resource for families who have questions about how to create or update an estate plan.