Walking down the aisle again is always a joyful experience and reason for celebration. But with another marriage comes some special considerations for estate planning. To help you best protect your new spouse and changing family, below is a discussion of three important estate-related factors to bear in mind when remarrying.

3 Estate Planning Factors to Consider When Getting Married Again

1. It's Time to Revise & Update Your Will

A will is the foundation of all other estate planning. With a new spouse and family, you want to ensure they are included in your plans and provided for appropriately. Obviously, if an ex or deceased spouse remains in your will, you will want to remove them. If you have a close relationship with your new partner's children, think about making provisions for them. In general, reflect on your new family dynamic and how you want to safeguard each member.

2. Be Aware of What Assets Are Held Jointly & Separately

When including money from accounts held in the name of both your new spouse and yourself, be aware that these funds cannot be distributed to anyone but the other account holder. Also, prior to remarriage, you may have worked to save up retirement funds or purchase property. Putting these assets under jointly-held ownership will make certain they go to your spouse upon your death. This may or may not be how you want the estate divided. With a remarriage, some people want to leave specific assets to their children from a prior relationship; in this case, maintain separate ownership.

3. Hire a Lawyer

The field of estate planning is wide-ranging and involved. When another marriage figures into the picture, that process becomes even more complex. To make certain your spouse and other loved ones are protected in the ways you most want, hire an estate planning lawyer. An attorney understands the intricacies of the law, as well as what estate tools are most beneficial to your particular situation. Living trusts, powers of attorney, and living wills can also be crucial to looking after one's estate and new family.

By updating your will, making important distinctions about how accounts and assets are owned, and hiring a legal professional, you are taking proactive estate planning measures. Let Attorney David Schmidt of Woodlawn Law Offices guide you at every step. For more than 25 years, he has been serving the St. Charles County, MO, area in estate, personal injury, and workers' comp cases, to name just a few of his practice areas. Call (636) 240-6667 or visit him online to schedule a consultation today.