Getting another chance at love is always a reason to celebrate. However, once you and your new spouse have settled into married life, you should start thinking about your estate planning documents. Major life changes are a good time to consult with and your family law attorney about updating your plans.

3 Things to Know About Second Marriages & Estate Planning

1. Consider the New Constellation of Your Family

You may have gained more than a new spouse; second marriages are often the union of two families. If and your new partner have children from your previous relationships, you’ll need to consider how to best protect and care for them should you or your spouse pass away. For instance, are you preserving certain assets for specific children? Do you want your spouse to inherit everything if they outlive you? Do you want property you own to be jointly titled to make the transfer of ownership smoother upon your death? These are all questions to think about and discuss with your family law attorney.

2. Review Your Assets Carefully

If both you and your new spouse have considerable assets, it might be smarter to keep your estate planning separate. You can still make provisions for all your heirs, but maintaining individual documents will give you more autonomy and options when designing the legacy you want to leave. Your family law attorney can help you understand when separate plans may be the better choice for your situation.

3. Figure Long-Term Care Planning Into Your Estate Plans

With age comes potential health problems, and it's always wise to figure the costs of long-term care planning into your estate plans. If you and your spouse pool all your resources together and create a nice nest-egg to pass onto your heirs, that money could be in jeopardy if one of you eventually requires long-term care, such as a nursing home or assisted living facility. Long-term care insurance will help protect your assets—and your peace of mind.

If you need a family law attorney, the experts at O'Connor, Mikita & Davidson, LLC, will help you revisit your estate planning documents. They have three locations in the Cincinnati area to better serve you. Find the closest office to you online or schedule a consultation today by calling (513) 793-5279. For other service needs, they also offer representation in bankruptcy, criminal law, and personal injury matters.