Divorces (and subsequent remarriages) are more common today than ever before. This means we have to ask ourselves how could a divorce or remarriage affect my estate plan? Many people don’t know the answer to this fundamental question. Failing to make changes today could put your new spouse and children at risk in the future — so what can you do?
Here are three crucial questions to consider on remarriage and estate planning:
1) Have you changed your beneficiary designations?
If your ex-spouse is listed as a beneficiary, such as on a life insurance policy, make an immediate change! There’s a good chance you’ll want to remove your ex and name your new spouse as your beneficiary. All too often we’ve seen situations where an ex-partner was left on policies that could not be changed after an unexpected death.
2) Who is the guardian of your children?
This can be a challenge! You’ll need to consider your ex’s wishes at this step. Unfortunately, you can’t make this decision on your own and assume that it will hold up in court. You must work with your ex-partner to ensure that the right guardian is named for any child who is under 18 years old.
3) Should you create a trust?
There are many types of trusts to consider; which one is right for you depends on your individual situation. Luckily trusts are incredibly flexible and can be adapted for almost anyone’s needs. Here’s an excerpt from our website that explains one of your options:
If you don’t want to depend on your current spouse to pass down assets to your children, you may decide to create a special type of trust (known as a “QTIP” trust) that can provide for your spouse financially after you are gone while also protecting and preserving assets intended for your children.
If you’re going through a divorce or have recently remarried, contact our law firm online or speak with us directly at (512) 258-9455. The Slaton Schauer Law Firm, PLLC is here to help you solidify the finer details of your estate plan.