Any type of major life change requires you to update your estate plan. This includes things like divorce, having children and remarrying.
If you have remarried, it’s a good idea to review your existing estate plan and make updates as needed. Some of the things to update after remarrying are listed here.
Change your beneficiaries
When you first establish your estate plan, there’s a good chance you named your spouse as the beneficiary. However, when you remarry, you must change this.
You should change the beneficiary of your 401(k) and life insurance policies. Anything in your estate plan with a beneficiary designation should be updated.
Update your will
While updating your financial documents is important, you also need to take steps to update your will. This is what determines who receives your other assets. If you fail to update your will, your ex-spouse may receive your house or other accumulated assets when you die.
Consider beneficiary designations
If you get remarried, your new spouse may move into your house. If this happens, you may want to take steps to ensure that your children, rather than your new spouse, receive the proceeds from the sale of your house after you pass away.
Also, if you had more assets than your spouse when you remarried, you may want to take steps to ensure the money goes to your heirs rather than your new spouse’s heirs.
Updating your estate plan after remarrying
Taking steps to update your estate plan after you remarry will ensure that the people in your life who deserve your assets receive them. It’s also wise to review and update your estate plan every few years, as needed.