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Fort Myers Estate Planning Lawyer

Plan for Your Future Today

Revisit Your Estate Plan Before Remarriage

The high season for weddings is coming up, and if you are remarrying this year, you should make revisiting your estate plan a priority before you take that trip down the aisle. Specifically, you and your future spouse should review the following:

Asset management – both of you need to create a list of your separate assets, including IRAs, brokerage accounts, bank accounts, retirement plans, pensions, life insurance policy, etc., and then decide which of these you plan to combine and which you plan to keep separately.

Asset plan – if one or both of you have children you are bringing to the new marriage, then you need to plan for how they will be included in your estate plan and will. You may want to consider creating a trust or buying additional life insurance to cover children.

Estate plan -- consulting with an estate planning attorney is important, whether your assets are great or small. If you have an existing estate plan and you remarry, you need to update your will, living will, powers of attorney, HIPAA authorization, and change the beneficiary designation on your qualified retirement and life insurance plans. And if one spouse is bringing significantly more assets to the marriage, you may want to consider a prenuptial agreement to protect assets.

When trying to decide whether certain assets should be commingled or kept separate, consider these factors:

What you brought into the marriage. Most couples that come to a marriage with large differences in wealth will keep these assets separate, and then commingle what they earn after the marriage. Typically, children from prior marriages will play a large role in this decision since a parent may feel strongly about keeping separate assets set aside for his or her children.

Your age. The older you are, the more assets you are likely to have, which is why younger couples tend to commingle assets while older couples tend to keep things separate.

State marital property laws. State law governs how you hold assets. When it comes to marital property, Florida is an equitable distribution state, which requires that in the case of a divorce, marital assets be divided equitably. Separate property is not subject to division in a divorce in Florida.

Contact our Fort Myers estate planning law firm for a complimentary consultation on how we can help you with estate planning.
Categories: Estate Planning
dorcey law firm
The Dorcey Law Firm, PLC - Fort Myers Attorney
Located at 10181 Six Mile Cypress Pkwy, Suite C, Fort Myers, FL 33966
Phone: (239) 330-6674
Local Phone: (239) 418-0169
Website: http://www.dorceylaw.com
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