When people in Arizona get remarried later in life, they should take certain precautions to make sure their spouse is taken care of in the case of death or incapacitation. Here’s the steps that remarried individuals should take to ensure a fair distribution of their assets after their death.
How people should update their will after getting remarried
If a person doesn’t update their will after getting remarried, their assets might be divided up among their children and leave nothing for their new spouse. During the estate planning process, individuals should make sure to mention their new spouse in their will.
Additionally, they should check their retirement accounts and life insurance plans to make sure that their former spouse isn’t still listed as a beneficiary. If they don’t have a life insurance plan, they should consider investing in one so that their spouse can be taken care of. Otherwise, they might end up depleting their inheritance to pay medical and funeral bills.
Finally, individuals should update their will to ensure that their children from the previous marriage still receive their portion of the inheritance. They might want to set up a revocable trust for their children and current spouse.
Where can an individual find assistance with estate planning?
If an individual needs help with estate planning, a lawyer might be able to help them draft a will that divides up their assets according to their wishes. The lawyer might be able to help the client evaluate their assets and figure out how to distribute them among their children and spouse. If underage children are involved, they might also be able to help their client appoint a legal guardian in case of death.