Estate Planning Adjustments Before, During, And After Marriage

Marriage represents one of the most transformative events of life. If you’re approaching marriage for the first time, you should be aware of the financial changes you might experience going forward. Based on the coming changes, you might need to make certain adjustments to your estate plan. During marriage, you might also need to make estate planning adjustments. If you divorce, further steps might once again be necessary. Consider meeting with a West Palm Beach estate planning attorney to discuss the complex road ahead.

Adjusting Your Estate Plan Before Marriage 

If you’re ready to get married, take a moment to review your estate plan. If you haven’t created an estate plan yet, now is a logical time to begin this process. As you enter into a stable, long-term relationship with your future spouse, you need to consider what might happen if you pass away. How will your spouse continue to pay the bills? Do you want them to inherit any or all of your assets? Are either of you already parents of children from previous relationships?

You might also want to give your spouse legal decision-making authority if you ever become incapacitated. For example, your spouse could use a “health care surrogate document” to make decisions about your medical care if you fall into a coma after a car accident. With a financial power of attorney, your spouse could also make decisions about your investments or business.

Estate Planning Adjustments During Marriage 

During marriage, consider making adjustments to your estate plan whenever you experience major life changes. The obvious example is the birth of a new child, which may require you to modify wills, trusts, and other estate planning documents.

You might also adjust your estate plan if your wealth increases substantially, perhaps due to career advancements, business success, or lucrative new investments. At a certain point, it may make sense to establish a trust in order to streamline access to your funds should you become incapacitated and/or avoid probate of those assets in your trust should you die. You might consider life insurance at this stage of your life as well.

Estate Planning Adjustments During Divorce 

If your marriage ends in divorce, estate planning adjustments become even more important. It almost always makes sense to remove your former spouse from various estate planning documents. These include wills, trusts, life insurance policies, health insurance, and much more.

The necessary adjustments depend entirely on your unique situation, and it makes sense to meet with a lawyer during this stage of your life. In certain cases, it may not be possible to make estate planning adjustments until after your divorce becomes final. Some of these adjustments may also occur automatically.

Can an Estate Planning Lawyer in Stuart Help Me Plan for Marriage and Divorce? 

An estate planning lawyer in Stuart can help you plan for all of life’s complex developments, including marriage and divorce. If you have not yet “tied the knot,” consider meeting with a lawyer to discuss your unique financial situation. You might also want to schedule a consultation after having a new child. Estate planning lawyers may also assist during divorce, as you might need to make important adjustments during this process. Contact Kitroser Lewis & Mighdoll today to learn more.

Sources:

 help.flcourts.gov/Other-Resources/Probate

floridabar.org/the-florida-bar-journal/estate-planning-issues-in-a-divorce-situation-ii-an-update-and-standing-orders/