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Why remarried couples should review their estate plans

| Oct 26, 2020 | Estate Planning & Probate

Getting remarried in Minnesota can be an exciting time. But while the couple might be caught up in romantic bliss, they should also take time to sit down and review their estate plans. If they don’t, they could find themselves dealing with a complicated legal battle should one partner pass away. Here’s why people should consider reviewing their estate plans after they get remarried.

Reviewing an estate plan after getting remarried

Most divorced individuals included their former spouse in their will at some point before they separated. If they don’t write their former spouse out of their will, their assets might go to their children after they die. As a result, their current spouse will receive nothing. During the estate planning process, it’s important for people to include their current spouse in their will and not assume that their assets will transfer to them when they die.

They should also consider taking out a life insurance policy to protect their current spouse when they die. It might seem easier to leave a large share of their assets to their spouse to help them pay for medical and funeral bills; however, these assets can be depleted if your spouse suffers a sudden crisis like a disability. A life insurance policy can help individuals ensure that their spouses are protected while still receiving a large share of assets.

Can an attorney help remarried couples with estate planning?

Remarried couples might wish to speak with a lawyer who can help them with writing a will and drafting other important documents. An attorney could help a client ensure that their previous spouse is completely written out of their will and life insurance policy. The lawyer might also help their client protect their current spouse in their will.