If you are getting remarried, it is essential to understand your spouse’s inheritance rights and your rights.
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Before you get married for a second or third time, you want to be aware of the rights your spouse will have to your estate and vis versa.
We highly encourage that you work with an estate planning attorney to draft a prenuptial agreement, prior to exchanging vows.
Then, you want to be familiar with the intestacy laws in your state. If you die without a written estate plan, the intestacy laws are the laws that will control where your assets go and who they will go to.
We help our clients understand where their money will go, if they don’t have a written plan. We also help them look at various options and understand how their assets will be transferred depending on the option they choose.
In subsequent marriages, we often find that our clients have different concerns than in their first marriage.
Often, clients that are planning on remarrying are worried about providing for their children from a previous marriage, should something happen to the client. Other times, they want their new spouse to have less rights to their assets, if something should happen.
We also have clients that want to make sure that their new spouse and their ex-spouse do not make financial or medical decisions on their behalf. They may prefer a close friend, sibling, or child is the agent in their Powers of Attorney. We draft their medical and their financial powers of attorney to protect their wishes.
Whatever your goal is with estate planning, it is essential that you communicate this to your estate planning attorney.
Estate planning allows you to protect your wishes, your loved ones, and your assets. In second or third marriages, estate planning can protect your children and your wishes in the event of incapacity or death.
If you need help with your prenuptial agreement or estate plan, we can help.
Contact us today to help you get the right documents in place or to update your current estate plan. We will plan so that you don’t have to worry about your future.
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The post Getting Remarried? Here’s What You Need to Know appeared first on Rickard & Associates.
