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2nd marriages mean revisiting estate planning

On Behalf of | Jan 28, 2019 | Estate Planning |

When a first marriage does not work out, some people may worry that they will never find love again. However, numerous individuals in Texas and across the country do end up marrying again. When this happens, it is not only wise to consider who the marriage will impact at the present, but also how it might affect estate planning information.

Creating an estate plan is important for any adult, and some individuals likely already have a plan in place before tying the knot for a second time. This means that those pre-existing plans will need updating. If an estate plan has not already been made, a good place to start the planning process may be to discuss the possible decisions with the family. Second marriages and estate plans may mean considering children from previous relationships, stepchildren, obligations dictated in divorce orders and other factors.

Though many people wisely choose to update their estate plans soon after a divorce, it is immensely important to make updates after remarrying. Individuals may need to ensure that their beneficiary designations reflect their current desires and do not still have an ex-spouse named or are not lacking designations entirely. Overlooking important updates could cause serious issues later.

Second marriages can certainly be a cause for joy, but if individuals do not remember to take this event into account when estate planning, their families may not see so much joy later on. Understanding how a second marriage could affect estate plans may be important to many Texas residents, and some individuals may need help working through issues that out-of-date plans present. Fortunately, parties in either situation could seek assistance from knowledgeable attorneys.