Divorce and remarriage are significant life events. After either of them, you should reexamine your current estate plan. While second marriages are common, they can present unique challenges for people who want to manage and protect their assets and ensure their final wishes are respected.
With careful planning and help from an experienced Wisconsin estate planning attorney, you can craft a personalized estate plan that accounts for your new life circumstances and protects what matters.
Wisconsin Estate Planning for a Second Marriage
A second marriage is a significant life milestone that requires you to reevaluate your estate plans and how you want your assets and property managed. Unique issues like prenuptial agreements, children with a previous spouse, and already established estate planning tools like wills or trusts can make estate planning during a second marriage complex.
Under Wisconsin law, if an individual passes away without a will or estate plan, their property and assets are divided according to intestate succession laws. Generally, when a spouse dies, their estate passes to the surviving spouse. However, if an individual is in their second marriage or has children from a previous relationship, the property can be divided between the surviving spouse and the deceased individual’s children or grandchildren from the prior relationship. Sometimes, this can create confusion and tension in blended families.
Creating a new or updated estate plan ensures that your family understands your wishes and that your concerns and goals are addressed as specified. Some of the key considerations to evaluate when estate planning during a second marriage include:
- Addressing children or grandchildren from previous relationships – A new or updated estate plan should outline how you want property or assets distributed to children from previous relationships. Your estate plan should utilize tools like a will or trusts to ensure your assets are distributed according to your wishes.
- Addressing children from a second marriage – Your estate plan should also accommodate children born during your second or current marriage. These children will be younger than those from a first marriage and may need different financial support.
- Making necessary changes and updates – If you currently have an estate plan, it is time to consider updating your power of attorney or the beneficiaries of insurance and other policies. You may wish to reassign power of attorney to your current spouse or another trusted family member if you become ill or incapacitated. You’ll also want to reevaluate beneficiaries of insurance policies and update who receives those benefits.
- Consider prenuptial or postnuptial agreements – Although not traditionally considered part of an estate plan, prenuptial and postnuptial agreements may be beneficial in a second marriage estate plan because they can outline what is considered marital property and what is non-marital property, especially if there are assets you want to protect for your children from an earlier relationship.
Contact a Wisconsin Estate Planning Attorney for More Information
A second marriage can feel like a fresh start. To put you, your family, and your new spouse in the best position possible, consider creating a new estate plan that addresses the changes in your life and family dynamics. At Peterson, Berk & Cross, S.C., we can customize an estate plan that protects what’s important to you.
Contact our office today for a free consultation.