2nd Marriages and Estate Planning: What You Should Think About

We often view marriage as a fresh start or a new beginning; this is true even in 2nd marriages. And a new start is an ideal time to review and update your estate plan. A life-changing experience, such as a 2nd marriage, means you must consider and change how you established documents in the past. Like peanut butter and jelly – 2nd marriages and estate planning should always go together.

2nd Marriages and Estate Planning

It’s wise to review your estate plan every 3-5 years or when you have a significant change in your life, such as large purchases, the birth or death of a family member… or a 2nd marriage. Updating your estate plan will protect you and your loved ones, especially if you had children before this marriage.

Some points to consider when thinking about 2nd marriages and estate planning are:

• Updating beneficiaries of your will – now that you have a new spouse and family, you may want to update the beneficiaries of your will. Imagine if you inadvertently left everything to your ex.
• Set up a trust – when blending families and wanting to protect your children’s inheritance before this marriage, you should consider establishing a trust. There are many benefits to creating a trust.
• Review other documents
  • Power of Attorney – do you still have your ex listed as a POA?
  • Healthcare directive – make sure your new spouse understands your medical wishes.
  • Insurance policies – who do you have named as a beneficiary?
  • Financial account – who do you have named as a beneficiary on your checking or investment accounts?
• Planning for children with your new spouse – you’ll need your estate plan to protect your current children and make arrangements for new children. You want to ensure everyone is cared for after you’re gone.

As you can see, estate planning and your 2nd marriage can be complex. The above list is only a couple of concerns you’ll want to discuss with your estate planning attorney.

Illinois Estate and Probate Attorney

Do you have questions about 2nd marriages and estate planning? Our experienced estate and probate attorneys can advise you on the best options to protect your assets and loved ones. To talk to an attorney, contact the Estate & Probate Legal Group at 630-864-5835. 

AREAS WE SERVE: Cook, DuPage, Kane, Lake and Will counties