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New marriage, new estate plan

On Behalf of | Sep 30, 2019 | Estate Planning

It is no longer uncommon for a person in Missouri to get married more than one time over the course of their life. This may be due to the death of a previous spouse or to a divorce. Regardless of the reason that leads a person to get remarried, it is important that they make it a priority to review their estate plans in detail with their new partner.

As reported by CNBC, a large number of the people who enter into second, third or subsequent marriages are over the age of 55 by the time they get married again. This means they are likely to be bringing into their new relationships larger asset pools than their younger counterparts would. It also means that these people are more likely to have children and even grandchildren already by the time they are getting married again.

From primary homes to vacation homes to treasured family heirlooms and more, spouses should carefully review their assets and discuss their wishes for how these assets are to be distributed once they die. Fidelity Investments recommends that couples engage in open and honest conversations about these matters not only with each other but with their extended family members as well.

Removing the element of surprise may help alleviate some disputes or hurt feelings when the contents of a will or trust are finally discovered. It is important to create a solid estate plan that properly allows for assets to be distributed to those intended and that takes into account factors such as tax consequences of different decisions.