After entering into a second marriage, there are many reasons to modify your estate plan. A second marriage is a true change to your life circumstances. Any type of change such as this warrants a review of your estate planning documents. Often with second marriages, there are many important factors to consider. You will need to balance your goals with your new spouse with any previous obligations to your former spouse and your children. Fortunately, a knowledgeable Anaheim estate planning lawyer can help walk you through this process.
What are some of the reasons for updating your Orange County estate plan following a second marriage? The following are some common examples:
- If you have children from a previous relationship, you may want to make sure that your kids will receive a distribution from your estate in the event that you pass away before your new spouse.
- If you pre-decease your spouse, you may wish to ensure that he or she will receive a portion of your assets for him or her to live off.
- Your durable power of attorney may need to be updated if you would like your new spouse to fill this role.
- Similarly, you may need to update your advance medical directives for the same purpose.
- You may wish to make your new spouse a trustee of your trust.
- You may want to consider creating a new trust with your new spouse.
A second marriage is an excellent reason to update your estate plan. Find out here how to modify your estate plan. view our free pamphlet, The Ten Things You Must Know Before Creating (or Amending) Your Will or Trust. Our office of experienced Anaheim estate planning attorneys can help guide you through the estate plan modification process. Call our office today at (714) 282-7488 for a consultation.