1) Do I need to update my estate plan when I get married?
Marriage not only changes your relationship status, it changes your legal status. Regardless of whether it’s your first marriage or fifth, you must take the proper steps to ensure your plan properly reflects your current wishes and needs. Mapping out a plan with a New Jersey Estate Planning lawyer if your best step.
After getting married, you need to be concerned about several things. You want to name your new spouse as a beneficiary on your insurance policies and retirement accounts, grant him or her medical power of attorney and/or durable power of attorney (if that’s your wish), and add him or her to your will and/or trust. Our New Jersey Estate Planning Lawyers can help.
2) Do I need to update my estate plan when I get divorced? Since divorce can be so overwhelming, estate planning often gets overshadowed by the other changes happening. But failing to update your plan during and after divorce can have serious consequences.
Once divorce proceedings start, you’ll need to ensure your future ex is no longer eligible to make financial and medical decisions on your behalf—unless that’s your wish. To the degree allowed by the divorce proceedings, you probably want to make sure that your future ex does not receive your assets if you pass before the divorce is final. Once the divorce is finalized and your property is divided, you’ll need to adjust your planning to match your new asset profile and living situation
It is never too early or too late to review your estate plan to match life’s changes – or to start one if you don’t have one. Call us for a free planning strategy with our New Jersey Estate Planning Lawyers so you can make sure you protect your assets and your legacy with a proper plan.