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Finding love again may mean updating estate planning decisions

| Jan 30, 2019 | estate administration & probate |

Building a life with another person is not always an easy task. In fact, it may take some individuals more than one try to find the person they want to spend the rest of their lives with. When New York residents do marry for the second or subsequent time, it is important that they also consider how the remarriage will influence their estate planning options.

Correct planning can often help reduce the possibility of conflict later on. Certain issues may present themselves to blended families that other families do not face. Parents may want to find ways to protect their children from previous relationships and ensure that they do not lose out on their inheritances or certain assets. Of course, stepparents may also want to consider their stepchildren when planning.

One of the best options for starting an estate plan or updating an existing plan after marrying again is to have a family conversation. Spouses may need to understand whether a divorce decree places obligations on a person that relate to an ex-spouse and whether those obligations need addressing in the estate plan. It is also wise for families to discuss the long-term goals of plans, whether to commingle assets and to determine whether guardianship designations for younger children may need updating.

Estate planning can be complex because it covers so many areas of life and because any major life change can warrant an update to plans. Fortunately, these plans are flexible, and New York residents can make modifications any time they see fit. Discussing changes and possible impacts of second marriages with estate planning professionals may help concerned individuals ensure that their plans still reflect their wishes.