Technically, your spouse would not be able to sell the stocks to pay for your medical fees. You become incapacitated and require medical treatment that is above your available emergency fund or any other liquid assets you own jointly. The home is owned jointly, but the stocks were purchased in your name only. Say, for example, the major assets you and your spouse own are in stocks and your residence. By creating these documents, you will appoint a trusted individual to make decisions and take action on your behalf with matters relating to the above. Please contact our offices in Stuart and in Palm City to learn more.The first of these is a durable power of attorney for property, finances and health care. Our goal is to create lifelong relationships with each of our clients, to guide and manage your legacy for the rest of your life. The Marriage Estate Planning Checklist we have provided is just a sample of the estate planning services our clients receive. Our estate planning law firm takes a very different approach from what you might have come to expect. It is important for you to know that estate laws vary by state, so it is critical that you consult with a qualified estate planning attorney familiar with the laws in your state. Consult with a qualified Florida estate planning attorney to ensure that your plans are properly executed and that your assets will be distributed according to your wishes. Review your long-term care plans and options and consider how they may be affected by remarriage.Ħ. Consider setting up trusts to provide for a new spouse while also protecting assets for children from a previous marriage.ĥ. Review your beneficiaries on your retirement accounts, insurance policies, and other financial accounts, and update them as necessary to ensure that your assets will be distributed according to your wishes.Ĥ. Consider using a prenuptial agreement to clearly define the ownership of assets and protect the interests of any children from a previous marriage.ģ. Review and update your will or trust documents to ensure they reflect your current wishes, including any provisions for a new spouse.Ģ. Here are six estate planning considerations to think about when planning for remarriage:ġ. Remarriage can, in fact, affect the distribution of assets upon the death of one spouse. From this example you can see that remarriage can have a significant impact on estate planning. However, be aware, it also means that there may be no guarantee that your spouse will pass it along to your children from a prior relationship. What does this mean? It means that when you pass away the home becomes the property of your spouse, without restriction. For example, if you decide to put your new spouse on the title of your home, it is now considered to be owned jointly with the right of survivorship. You need to be aware that often, in a remarriage or when marrying later in life or after amassing significant wealth, the goals may not be so perfectly in sync, and the former methods for estate planning may not work as well. A Marriage Estate Planning Checklist can help guide you through this important and challenging step. However, this is most likely not the case when dealing with remarriage and estate planning. This is understandable because many couples own their assets jointly. In addition, if the children are still minors, you and your first spouse probably set up a trust for the kids until they are adults. In the midst of all the wedding chaos, have you considered how remarriage will impact your Florida estate plan? With your first marriage, typically the goals of each spouse are usually the same: take care of the surviving spouse for as long as he or she lives and then divide what is left equally among the children. Is this year, 2023, the year you are planning to remarry? We know you and your future spouse must be involved with all the busyness that surrounds a wedding: setting a date, contacting wedding venues, and notifying family.
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