Getting remarried is a great opportunity many couples take advantage of. There are numerous reasons why someone would get remarried and several actions a couple must take to get their affairs in order for the new marriage. One of those steps should involve updating their estate plan. Whether the couple chooses to have wishes documented together or separately, it is imperative to have their estate plan updated to protect their individual and joint assets.
Prenuptial Agreement
One of the best ways individuals can protect their assets is to create a prenuptial agreement. While it is never pleasant to think about the death of a loved one or separating from a new spouse, this agreement can ease the couple’s anxiety should something unexpected happen. A prenuptial agreement can also help avoid expensive and time-consuming litigation in the event of a divorce.
Separate Accounts
Another way to safeguard assets is to keep them in separate accounts. This way, there will not be as many joint assets and the opportunity for the new spouse to take half of everything. Individuals can also put their assets in a trust. The trust will clearly outline where assets should be distributed upon the individual’s death.
Have an Open Conversation
This may be difficult, but it is also one of the most important steps a remarried couple should take. The pair should have a frank discussion about assets and how they should be distributed. By doing this, the couple can also help avoid arguments and misunderstandings down the road.
By following the above-outlined guidelines, remarried couples can protect their assets and ensure that they are divided fairly after the death of a spouse.
Have Questions About Your Estate Plan and a Second Marriage?
The state may decide where assets are distributed if an estate plan is not correctly updated after a second marriage. Take action to protect your assets now.
The team at Krause Estate Planning can help you create or update an estate plan and answer any questions you may have regarding asset protection. A properly prepared estate plan is crucial for anyone getting remarried, so don’t delay in taking action to protect your assets.
Contact our experienced estate planning team online or by phone. (608) 344-5491 We serve individuals throughout Wisconsin, including Janesville, Madison, Middleton, Milwaukee, Oregon, Sun Prairie, Verona, and Waunakee.