What is the one critical thing about yourself that has improved since your first marriage? You are smarter than you were the first time you got married.
You have probably learned much about what to do and what not to do in a marriage. Many Californians considering remarriage have also discovered how to address financial matters more efficiently.
Ensuring that your estate plan is current
If you already have an estate plan, then most of your work is already complete. If you do not have a plan in place, then remarriage is an excellent point at which to get started. The following guidelines can help you create a strong estate plan, especially if you already have children when you remarry.
Look at powers of attorney. These documents offer you flexibility regarding health care and finances if you become incapacitated. A financial power of attorney gives your trusted agent the ability to make financial decisions on your behalf. A health care power of attorney can allow an agent to decide the type of medical treatment (based on your wishes) you receive upon incapacitation.
Review your beneficiary designations. Go over your insurance policies and retirement accounts to look for any required changes. For example, if you have not removed your ex-spouse as a beneficiary, it is time to change your designations.
Fill in any gaps. Make sure you have included an up-to-date will in your estate plan. You should also make sure the beneficiary appointments in your will match the designations in your insurance policies and retirement accounts. If you have kids from another marriage, you may also want to consider setting up one or more trusts to protect them financially.
You have many options to consider when updating or creating an estate plan. Learning more about these options and California estate planning laws can aid you in making the right decisions for your circumstances.