Remarrying is an exciting new chapter in your life, but it can also bring changes in many areas. For one, it is important to review and update your New York estate plan to ensure that your wishes are still reflected and that your loved ones are provided for.
Review and update your will
If you have remarried, you will need to review and update your will to reflect your new marital status. Your will should name your new spouse as a beneficiary and specify how your assets will be distributed between your spouse and any children from a previous marriage or relationship. You may also need to update the executor of your will and any guardianship provisions for children.
Consider a prenuptial or postnuptial agreement
If you have significant assets or own a business, you may want to consider a prenuptial or postnuptial agreement. These agreements can protect both you and your spouse in the event of a divorce or separation.
Review and update beneficiary designations
Many assets, such as life insurance policies, retirement accounts and bank accounts, allow you to name a beneficiary. It’s critical to review and update these beneficiary designations after remarrying to ensure that your assets are distributed according to your wishes. You may want to name your new spouse as a beneficiary, as well as any children from a previous marriage or relationship.
Consider setting up a trust
Trusts can be useful for protecting assets, reducing taxes and providing for your chosen beneficiaries. If you have significant assets or want to provide for children, a trust may be an appropriate estate planning tool for you and your spouse.
Update your healthcare documents
Update your healthcare power of attorney, which designates someone to make medical decisions on your behalf if you become incapacitated, and your living will, which outlines your end-of-life wishes. You may want to name your new spouse as your attorney-in-fact.
Being proactive about the future
Remarrying can bring changes to your life, but it’s important to ensure that your estate plan reflects your wishes and safeguards your loved ones. By reviewing and updating these documents, you can protect your assets and ensure that your family and other loved ones respect your wishes in the event of your death or incapacity.