Find Out How Your Second Marriage Affects Your Estate Plan
Are you in a second or subsequent marriage? Are you contemplating another marriage? If so, estate planning should be a high priority on your list of issues to address. At Bieber & Czechowski, we can address all your concerns regarding the division of your assets. These are important factors to consider if you have an existing estate plan or you do not understand how your assets will transfer under the law when you die.
Understand What Will Happen To Your Estate Under The Law
A second or subsequent marriage will have a significant impact on your estate plan. If you do not have an estate plan, you may be surprised to learn how your assets will pass according to the laws and statutes. Here are a few examples that may be relevant to you:
- Unless you put your specific wishes into a will or trust, there is no guarantee that those you choose will get what you want to leave them.
- A common misconception is that no matter what, your children will get the bulk of your estate. This is not necessarily true. We have represented clients who were married for decades and have children. Then they divorced, remarried and later died. Their new spouse inherited the majority of the estate instead of the children because the estate plans were not revised.
- Property you own outright may become marital property once you marry. Any transfer of that property might not proceed without the new spouse’s agreement. This could be problematic if you hoped to leave your house to your child, for example.
Before you get married again, consult our second marriage estate planning lawyers in Michigan. We will help you explore your options and encourage open communication between you both to avoid unnecessary conflicts. We can discuss retirement benefits, beneficiary designations, wills, trusts, powers of attorney, medical decisions and more.
Review Your Estate Plan Today
Schedule a consultation with one of our experienced estate planning attorneys to make sure your wishes are carried out. Call us at 586-467-5121 or fill out our online form. Our law office is in Center Line, in the heart of Warren, Michigan.