Kentucky residents who are contemplating getting married after a previous divorce should feel good about their second chance to enjoy a fulfilling, happy marriage. Many people have successfully made blended family situations some of the richest of their lives. However, a remarriage can pose unique issues when it comes time to create or update an estate plan. You should consider your estate plan carefully to avoid unexpected and unpleasant problems down the road.
The family home
Forbes explains that one topic partners should discuss is the home they choose to live in. If they reside in a property originally owned by one person before the marriage, they should decide what will happen if that person dies first. An estate plan should outline if the surviving spouse may stay in the home and, if so, for how long. The plan should include provisions for what to do with the home after the surviving spouse dies as well.
Assets and liabilities
Fidelity Investment recommends that couples have open and honest conversations about their assets and their liabilities before getting married. They should state their preferences for any inheritances to their individual children or grandchildren if they have any. If the couple hopes to have children together, that should also be factored in so that an estate plan can be fair to all parties and represent the wishes of both spouses appropriately.
In addition to outlining inheritances for assets like homes or family heirlooms, people should remember to update their beneficiaries on accounts like 401K and life insurance. These assets make it easier to leave something for all of the people in their lives.