Navigating Estate Planning in a Remarriage
A new marriage is often a remarriage for one or both new spouses, which simply means that the new marriage is not the first marriage for the remarried spouse(s). Remarriages occur in many different situations, but in every case the remarriage is a reason for the respective new spouses to review their existing estate plan or create a new estate plan if there is not one already in place. Late-life remarriages and remarriages that create a blended family are two common types of remarriages that typically require help from an experienced estate planning lawyer.
Late-Life Remarriage
In a remarriage late in life, one or both new spouses often have one or more previous marriages that affect the respective estate planning of both new spouses. For example, there may be adult children (and grandchildren) who expect a legacy inheritance. The new spouses must communicate candidly with each other about all the possible concerns that may arise because of the remarriage. A knowledgeable estate planning lawyer helps navigate the issues and challenges and can even facilitate communication between the spouses and other family members.
An estate plan for a spouse in a late-life remarriage should accomplish a number of critical goals. The plan must minimize taxes, maximize the distribution amount, and protect the new spouse of the testator. The plan may also include nursing home planning or long-term planning for one or both spouses. Finally, the structure and strategy for the plan must take into account any issues relating to family members of a remarried spouse.
Ideally, the intended spouses should talk with estate planning lawyers before the marriage, so both parties fully understand the implications of the remarriage.
Considerations for a Blended Family After a Remarriage
For many couples, a remarriage may create a blended family, which means the family unit includes both new spouses, as well as children of one of both new spouses from a previous relationship. These children are stepchildren of the other spouses, unless they are adopted by the non-biological parent. Their family may also include biological or adopted children of the remarried spouses.
An estate planning lawyer can evaluate the family’s specific circumstances and explain the special considerations that should be addressed in the estate plans of the new spouses. Concerns may include guardianship and financial support of children, as well as ensuring that a biological parent cannot access the child’s finances except for legitimate reasons. A trust is often the best way to address concerns. Getting assistance from an estate planning attorney is essential.
Estate Planning Documents Affected By a Remarriage
A complete, sound Georgia estate plan includes certain specific documents. In a remarriage, most of those documents must be revised to address legal changes of the remarriage. Wills and trusts, the primary documents used to transfer estate property and accomplish other goals, require important revisions. Documents in the testator’s advance directive — the durable power of attorney for financial matters and a durable power of attorney for health care — must be updated to include a new spouse after any marriage, including a remarriage.
Updating beneficiary designations for assets and accounts with a beneficiary (such as life insurance, IRAs, and other retirement accounts) is a priority. Left unchanged, a former spouse of one of the remarried spouses could retain important legal rights that the testator does not want them to have.
Depending on the structure of your estate and estate plan and your personal and financial situation, other important estate planning steps should be taken after a remarriage. For example, if you own a business, issues relating to the business might need to be addressed.
Why Talking to a Lawyer Is So Important After a Remarriage
Many estate planning documents require guidance from an experienced lawyer, especially after a remarriage. The particular issues that should be addressed depend significantly on your individual circumstances. Your lawyer explains options and strategies for addressing your unique considerations, and helps you choose the best way to proceed. The attorney’s role also includes facilitating communication between the new spouses and other family members.
If you don’t talk with a lawyer, you may create a disastrous situation for yourself and for your estate after you die. The people you want to take care of could end up not benefitting at all from your estate.
Talk With a Georgia Estate Planning Lawyer
Our Cartersville estate planning practice at Asset Protection & Elder Law of Georgia focuses on helping clients determine their estate planning goals and using the best approach to address all their concerns relating to their well-being, assets, families, and estates. We serve clients throughout the communities northwest of Atlanta, including in Bartow County, Cobb County, Cherokee County, Gordon County, Floyd County, and Paulding County. To schedule a consultation, call us at (770) 382-0984 or contact us through our online form.
