With an uptick in “gray divorce,” the number of people getting remarried during their senior years is higher than ever. But if you are considering getting remarried after creating your initial estate plan in Texas, there are a few things that you should know to make sure that your wishes are carried out correctly.
Your estate plan must be updated
Remarriage necessitates an update to your estate plan to ensure that all parties are protected after your death. Here are the three pitfalls you want to avoid.
Protect your current spouse
If you die without updating your estate plan, you could disinherit your current spouse by accident. If the home that you share jointly with your current spouse is willed to your children, they could force your current spouse to move out. This is not what you want to happen.
Protect your estate from your former spouse
If you do not update your estate plan, your former spouse could claim benefits that should go to your current spouse, such as life insurance policies, retirement accounts, etc. A probate court may not distribute your assets in the manner you would desire, especially if the first marriage lasted decades and you were only recently remarried.
Protect your children’s interest in the estate
Proper estate planning can guard against your new spouse disinheriting your children. If your estate plan is not updated to ensure that your children will receive a portion of your assets, they could be left out in the cold by your current spouse. If you leave everything to your spouse upon your death, they will determine whether your children receive anything.
An estate planning attorney may help you sort out all of these dilemmas when you remarry. They may be able to draw up a new estate plan that ensures your wishes will be carried out properly.