Estate planning is rarely the first thing on people’s minds when they remarry. However, it is crucial to update your existing plan or create a brand new plan right away. Estate planning requires a careful balancing act to protect the rights of your current spouse, manage obligations to a former spouse and to ensure the inheritance of your children.
Why is it important?
Without proper estate planning, the state could distribute your assets in ways you did not intend. This could unintentionally leave the stepchildren and other loved ones without an inheritance. Failing to modify your estate plan could result in:
- Unfair distribution of assets among stepchildren and biological children
- A financially unprotected current spouse
- Prolonged legal disputes
- Unclear directives for financial and medical decisions
In New Jersey, a surviving spouse cannot be completely disinherited through a will. A spouse has a legal right to one-third of your augmented estate. However, New Jersey evaluates the surviving spouse’s individual wealth. If their independent net worth exceeds one-third of your augmented estate, they are entitled to nothing.
Steps to protect your family
To ensure all your loved ones are protected by law, you need to understand the right legal strategies. Here are some of the key tools to use to effectively plan the estate for your blended family:
- Wills and trusts
- Power of attorney and health care directives
- Beneficiary and guardianship designations
Utilizing these plans could help you create a balanced plan that honors the new marriage and inheritance of children and loved ones.
Planning for a better future
Remarriage is a time of exciting new beginnings, but protecting your family’s future needs immediate action. Proactively taking action regarding your estate plan with the guidance of an experienced attorney can help you understand your rights and protect your family.