If you are divorced and you remarry, it’s essential to update your estate plan. If you don’t have one, this is the time to take care of it.
When people don’t have an estate plan, their loved ones can end up bearing unnecessary legal fees, not to mention dealing with conflict among family members. When there are ex-spouses, newer spouses and children involved, those conflicts can get very nasty. You can minimize this turmoil by detailing your wishes in estate planning documents.
Many people think that having a prenuptial agreement will resolve these issues. Prenups are important to have — particularly in second and subsequent marriages. However, a prenup deals with what will happen if the marriage ends in divorce. You still need to designate how you want things handled if you’re unable to speak for yourself or if you die. A complete estate plan will address those situations.
Who do you want handling your financial matters and making medical decisions for you if you’re unable to do so? If your ex-spouse is still listed on your estate planning documents as the person to do that, it can lead to all sorts of unfortunate scenarios.
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Most people make their new spouse their power of attorney for both financial and medical matters. Some designate other family members or trusted friends. By detailing your wishes regarding under what circumstances you want to be kept alive, you can save your spouse or whomever you choose for this role from having to make difficult decisions.
State laws are all unique. Therefore, if you live in Pennsylvania, it is essential to consult with an estate planning attorney who knows the laws of our state.
Source: KPNX 12 News, “Getting remarried? Get a financial plan first,” March 10, 2016