A second marriage means new and exciting changes are in store for you and your family, but it also means it may be time to take a second look at your estate plan. The actions you take when estate planning may impact how much your children, your ex-spouse and current spouse stand to inherit, among other considerations. So, it is wise to update it when you enter into a second marriage.
What areas of your estate plan might you want to review and revisit when you remarry?
General beneficiary designations
If you want your new spouse to have a role in your estate plan or inherit anything when you die, you may need to update your will. If you have children, you may be able to use certain methods or estate-planning tools to see that your assets undergo appropriate distribution to them as well as your new partner.
Beneficiary designations on retirement accounts
Unless you changed the beneficiary designations on your individual retirement accounts after your divorce, consider doing so ahead of your second marriage. Otherwise, if you die before making changes, your ex may be the person to inherit what is in there.
Beneficiary designations for life insurance policies
If your former spouse is the named beneficiary on your life insurance policy, you may also need to review this aspect of your estate plan. You may want to make any children you have the beneficiaries, if applicable, or you may want to list your new spouse on the policy.