What Happens to Your Estate Plan when You have a Non-Traditional Family?
A second marriage can create a variety of challenges and opportunities for your estate plan. If you have married for a second time, don’t forget to review your estate plan, including your will, any trusts, and living will with your estate planning attorney. Johnstown estate planning attorney, Dan Hill, is an excellent resource and can help you understand what may be needed.
In addition to introducing new potential beneficiaries, a second marriage can also lead you to reconsider how your assets will be managed and distributed. You may need to figure out how to provide for your new spouse in the event of your death as well as for any new children of your second marriage.
While every family and therefore its estate plan is unique, some factors to consider with a second marriage and estate planning can include these topics.
Selecting an Executor
The executor of has a lot of responsibility regarding your estate plans. This is that special trusted someone who wraps up a deceased individual’s financial affairs. They’ve got to ensure your final wishes get carried out and your obligations all get addressed in a timely manner.
Living Will and Power of Attorney
Two powerful pieces of any estate plan is your Living Will and your Power of Attorney documents. A Living Will is a legal document that explicitly states your wishes in regards to medical treatments and decisions in case you become unable to do so. A Power of Attorney grants authority to someone you trust to act on your behalf if you have become temporarily incapacitated.
You will want to make sure that these documents are updated to ensure that whomever you have chosen 1) makes sure the health care professionals know what you want done in a living will situation, and 2) that your POA ensures bills can be paid, taxes filed etc.
All in all, you want your estate plan to create an opportunity for your beloved beneficiaries to enjoy their inheritance without any misunderstandings or confusion. Incorporating the new people of your second marriage into a good estate plan is advisable.