It’s important to protect everyone’s interests when you’re planning an estate with a future spouse. If you’ve made plans in the past, consider reviewing and updating your documents regularly. Here are a few changes to think of when updating an estate plan.
When you’re remarrying, it’s important to update your will. Your former spouse may still be listed as a major beneficiary or you may have had children since your will was last updated. Be sure that your will lists your current beneficiaries and what they will receive. For more information, consult a wills and trusts lawyer in Moline, IL.
Set Up a Trust
If you have children from a prior marriage, your ex-spouse will assume guardianship duties when you pass on. If they’re minors and you’ve left some of your assets to them, your former spouse will get those assets. By setting up a trust, you can prevent this from happening.
Create a Prenuptial Agreement
If you pass away after remarrying, your assets will be given to your current spouse and your children may not get anything. A prenuptial agreement will ensure that all children are provided for, no matter who passes away first.
Life insurance policies, retirement funds, and other assets will go to the listed beneficiary, no matter who’s named in your will. Be sure to adjust your beneficiary listings as life changes or your former spouse may get the benefits your children should receive.
This is another situation where the listed recipient may not take precedence over the person named on the original document. If an asset has a joint tenancy title, it will automatically go to the other person listed on the title. To prevent this, you’ll need to change the title itself.
Revise Your Power of Attorney and Healthcare Directives
It’s important to have the right person making decisions for you. The person listed as an agent on your power of attorney document should choose a guardian for your minor children. Otherwise, a family member or new spouse may become their guardian. Your wills and trusts lawyer in Moline, IL, can help. Visit davidjfrankslaw.com for more details.