If either you or your future spouse is on a second or third marriage, it’s crucial to engage in estate planning. This is especially important if there are children are involved. As unromantic as it may sound, updating this legal paperwork is essential to ensure the assets you leave behind go to the correct beneficiaries. Read on to learn more.

Estate Planning Factors to Consider When Remarrying

There are a few vital areas to review with your future partner. Here are some essential aspects to consider:

• Division of Assets: Will these go to your spouse? Your children? What about your spouse’s children? Some blended families choose to have each partner’s assets go solely to their biological children, for instance, while others divide everything equally. This will depend largely on whether you and your new spouse join your fortunes or maintain separate estates.
• Beneficiary Designations: As part of the division of assets, you need to think about “who gets what.” For instance, while you might be happy to divide financial and property assets equally among all the children, there could be a family heirloom you specifically want to go to your biological child.
• Financial & Health Care Decisions: If you have opted to create a living trust over a will, this document likely also contains details such as who should make your financial or health care decisions if you are mentally or physically unable. You will likely want to transfer such power from your ex to your new partner.

When to See a Lawyer

Whenever you do estate planning, it is important to hire a lawyer. They can ensure the documents are completed in accordance with the law and thus are legally binding. When it comes to the future you bestow on your loved ones, you don’t want to make any mistakes.

Need estate planning assistance in O’Fallon, MO? Look to Woodlawn Law Offices. Providing experienced and trustworthy care, they give each client’s case the personalized attention it deserves. This full-service firm brings more than 25 years of experience to the table and covers areas ranging from real estate to disability law. You can find out more about their practice areas online. For an appointment, call (636) 240-6667.