Blended Marriages Are Very Common Today, Especially Among Baby Boomers
And with those new marriages come a lot of decisions – where will the wedding take place, where will they live, who does what around the house. One thing people may forget is that they need to review their financial accounts and life care plans.
Good estate planning provides your beneficiaries with an efficient, orderly way to dispose of your assets. This is especially critical with second or subsequent marriages. You may want to leave many of your assets to your children, but don’t want to leave your spouse penniless. New couples may even want to divide estates evenly among his children, her children, and their children. Or maybe not. Make sure your estate plan correctly spells out your final wishes.
- First thing to consider would be changes to your Will and any trusts you have. You will likely add your new spouse and may also change beneficiaries and bequests.
- If you have created and funded any trusts, this is the time to look them over. Trust documents may change, as you may want different beneficiaries and trustees.
- Your other estate planning documents, like the Medical Health Care Power of Attorney and Durable Power of Attorney, name agents to act on your behalf. Make sure your ex-spouse is not still your agent! If they are, for example, doctors might not be able to speak with your new spouse about your medical condition. Your ex-spouse may still be responsible for making decisions regarding your health care or your finances. Don’t let this happen!
- In fact, check out all your bank accounts, retirement accounts, investment accounts, and life insurance policies. Make any needed changes immediately. And make sure your changes are in writing and are not just someone’s vague promises to “do the right thing.”
Many factors that go into a good life care plan. Before you’ve written your first check for the flowers or caterer, take the time to call an attorney with knowledge of Arizona estate planning law. Ironing out your domestic situation will give you peace of mind as you start an exciting new chapter of your life.
At Keystone Law, Francisco Sirvent assists people with their legal questions every day. Check out our videos or if you want to schedule an appointment, call us at (480) 418-8448. We offer services for clients throughout Arizona, including Chandler, Gilbert, Sun Lakes, Tempe, Phoenix, Mesa, Scottsdale, and Apache Junction.