3 Pieces of Advice About Estate Planning for Second Marriages

People getting into second marriages face numerous challenges, especially the need to balance the wellbeing of their second spouse and their children from the first marriage.

The right estate planning for second marriages can assist in tackling such issues. If you are going through this phase in life, here are four pieces of advice you need to consider.

#1 Commingling Assets

Many people possess substantial assets at the time of entering into a second marriage. A rightfully done estate planning for second marriage can ensure the wellbeing of the children and the spouse.

You can commingle your assets if you want your second spouse to receive the assets of you can keep them separate for the children from your previous marriage.

#2 Update the Beneficiaries

It is crucial to update beneficiaries so that your life insurance policies and retirement accounts are modified as per your intent about who will receive your assets.

If you forget or somehow fail to keep the documents updated, this can cost your second spouse after your death. Also, if you designate your second spouse to receive all of your assets, your children might end up receiving nothing.

#3 Power of Attorney

People usually appoint their spouse under the power of attorney. This gives them the right and responsibility for making decisions regarding finance and healthcare.

However, under estate planning for second marriages, make sure that the power of attorney does not still rest with your former spouse.

Contact a Knowledgeable Attorney

If you are into your second marriage or want further information and assistance in this regard, feel free to contact Keystone Asset Protection and Estate Planning today. A knowledgeable estate planning attorney is all you need in this crucial time.