When a New Jersey couple decides to get remarried they probably don’t consider the importance of estate planning. Generally, considering one’s assets and other important matters after their death is usually the farthest thing from an engaged couple’s mind.
However, if a couple gets remarried and doesn’t update their existing estate plan it can be a recipe for disaster. In the midst of planning a wedding, it can be hard to think about estate planning, but it is very important. With a remarriage looming, here is what New Jersey couples should think about:
- Maintain a will. If a couple does not have a will, they should create one. An existing will should be updated to reflect changes in a personal situation and finances.
- Update beneficiaries. Most financial accounts and insurance accounts have beneficiaries listed. It is important these are updated to include a new spouse. If they are not updated, the value will go to who is listed and not to who the owner is married to.
- Review a power of attorney document. If a person has a power of attorney document it may need to be updated with the new spouse’s information.
- Update title documents. If a person wants assets to go to anyone besides their spouse, then they should update their titles accordingly.
- Personal property. Many people own sentimental property that will end up with a new spouse if a person dies. Family heirlooms and other important personal property should be specified in a will with specific information on who should receive it.
Couples who are remarrying should actually consider estate planning to be one of the most important things they tackle as a couple. After all, the combination of a second marriage and out-of-date estate documents can be problematic.
