According to the U.S. Census Bureau, blended families now outnumber traditional families in America. This can be explained because of rising divorce rates and people living longer. Many people who lose a spouse earlier in life choose to remarry later. As a result, children from earlier marriages and new spouses may find themselves at odds over a decedent’s personal property. To prevent disputes, it is important to update an estate plan after a remarriage.
3 Important Reasons to Update the Personal Property Provisions in Your Estate Plan After Remarrying
Why is it so important to modify your estate plan to address personal property after you remarry? The following are three reasons:
- Children from the earlier marriage may attach important sentimental value to items relating to that time period in their lives. A new spouse may not view the property in the same light, so it is not wise to simply rely on the new spouse to make this distinction. Instead, the estate plan should be modified to specifically address items of personal property that are of significant personal value to children from a prior marriage.
- Even if children from the earlier marriage and the new spouse get along well and have a positive relationship, the loss of a parent or spouse can bring about unexpected or hidden emotions. If there is any ambiguity regarding the distribution of the property in the estate, the door is opened for disputes.
- If it is important to you that your children or your new spouse receive certain specific items of personal property, it is crucial that this desire be reflected in your estate plan. If you do not leave clear instructions, you have no way of controlling what happens after you die.
Fortunately, updating an estate plan does not have to be a painful or laborious process. We can help you reduce the likelihood of disputes about personal property items after your death. To hear about our services from our many satisfied clients, we encourage you to check out our client testimonials page today.