Getting married is exciting, whether it is your first or second marriage. There may be any number of reasons your first marriage did not work out, but once you find your soulmate, you know you are making the right decision. With this beautiful union, though, comes a few very important questions. How does an estate plan fit into this marriage? Did you have an estate plan for your first marriage? Have you never had an estate plan but believe that it would be highly beneficial to create one as you enter into your second marriage? Estate planning attorneys understand the questions you have and know that you likely have many more. Getting married and creating an estate plan can be two huge things that you and your partner need to discuss. To see how we can ease this burden, give a law office a call.
Where do I begin?
The most important thing you can do is talk with your partner about what you are considering, whether you are close to the wedding or are already married. Having a conversation about planning your estate is key so that you both are on the same page when it comes to things like:
- What each of you may be bringing into the mix from a previous marriage
- How you hope to support each other in your current marriage financially
- How you hope to incorporate any children or step-children into your estate plan
- Whether you will need guardianship written into your estate plan
As you can see, these are all huge conversations to have and it is important that you speak with your partner soon so that you can determine what you would like as we begin crafting the right estate plan for you.
How do you create an estate plan?
This is one of the ways we help our clients out. Especially when you come in from previous marriages, you want to discuss if you have other obligations to your previous spouse or children first. Are you paying child support? Are you paying alimony? These are important questions to answer. You should speak with your spouse candidly about any kind of debt or money you bring into the marriage, such as school loans, trusts you may have created for children from your previous marriage, and if there are financial obligations you believe are best kept separate.
What happens if I have an estate plan from a previous marriage?
It is very important to update any past documentation you have regarding an estate plan from a previous marriage. If all looks well but you have your ex-spouse listed as the person who gets your assets if you pass away, you will likely want to change this is you have no already.
For more information on estate planning and a second marriage, please contact an estate planning lawyer in Allentown, PA.
Thanks to Klenk Law for their insight into estate planning and a second marriage.