Remarriage, Blended Families and Your Estate Plan
Remarriage, Blended Families and Your Estate Plan
Article Summary
Remarriage can have important estate planning consequences for Arizona families, especially when one or both spouses have children from a previous relationship. A carefully designed estate plan can help provide for a surviving spouse while also protecting assets intended for children. Reviewing Trusts, beneficiary designations, retirement accounts, life insurance and jointly owned property can help ensure your estate reflects your wishes rather than relying on Arizona's default inheritance laws.
Quick Answer: How Does Remarriage Affect Your Estate Plan in Arizona?
Remarriage can change how property and other assets may pass to a surviving spouse and children, particularly in a blended family. Arizona estate planning allows you to make your own decisions about who should inherit, how a surviving spouse should be provided for and how assets intended for children should be protected. Without an effective estate plan, Arizona law may determine how certain property passes after death.
You got divorced.
Life moved forward.
Now you or your ex is getting married again.
Congratulations.
But before the wedding—or soon afterward—there is something
else you need to think about:
Your estate plan.
A Second Marriage Changes Things
Second and third marriages can create wonderful families.
They can also create complicated finances.
You may have children.
Your new spouse may have children.
You may have children together.
You may own a house together, combine bank accounts or name
each other as beneficiaries.
Suddenly, a simple estate plan may not be simple anymore.
What Happens to Your Children?
One of the most important questions is:
If I die first, how do I provide for my spouse without
accidentally leaving my children out?
Do not assume the answer.
Arizona has specific laws that determine who inherits when
someone dies without an effective estate plan.
Those rules can be different when one or both spouses have
children from another relationship.
But Arizona's default plan may not be your plan.
Your New Spouse and Your Children Can Both Be Protected
Estate planning does not have to be a choice between:
“Take care of my spouse”
and
“Take care of my children.”
A properly designed estate plan can do both.
For example, a Trust may provide benefits for a surviving
spouse while also protecting assets for children.
The important point is to decide what you want
instead of allowing the decision to be made by default.
Have the Conversation Before There Is a Problem
Blended families require communication.
Talk about:
- What belongs to each spouse
- What you own together
- What should happen to the house
- How children from previous relationships will be protected
- Who should receive life insurance
- Who is named on retirement accounts
- Who will manage your Trust
These conversations can be uncomfortable.
They are much easier while everyone is alive and able to
talk about them.
Estate Planning Is About CONTROL
Remarriage should be a happy new chapter.
But a new marriage is also a good reason to review your
estate plan.
You worked hard for what you have.
You should decide where it goes.
If you are getting remarried or are already part of a
blended family, please call our office. We can help you create an estate plan
that protects your spouse, your children and the people you love.
Frequently Asked Questions About Estate Planning for Blended Families in Arizona
How does remarriage affect an estate plan in Arizona?
Remarriage can affect how property and other assets may pass after death, particularly when either spouse has children from a previous relationship. Reviewing an estate plan after remarriage can help make sure it reflects the individual's current wishes and family circumstances.
Can I provide for my spouse and still protect my children's inheritance?
Yes. An estate plan can be structured to provide benefits for a surviving spouse while also protecting assets intended for children. For example, a properly designed Trust may provide benefits for a surviving spouse while preserving assets for children.
What happens if I die without an estate plan and have children from a previous relationship?
Arizona law determines how property subject to intestate succession passes when someone dies without an effective estate plan. The result can differ when a surviving spouse or either spouse has children from another relationship. Arizona Revised Statutes §§ 14-2102 and 14-2103 address inheritance by surviving spouses and other heirs.
Should I review beneficiary designations after getting remarried?
Beneficiary designations should be part of an estate planning review after major life changes such as divorce or remarriage. Life insurance, retirement accounts and other assets with beneficiary designations should be reviewed along with the rest of the estate plan.
Can a Trust help a blended family in Arizona?
A Trust may be one tool used in estate planning for a blended family. Depending on the family's circumstances and goals, a Trust may provide benefits for a surviving spouse while also protecting assets for children.
When should I review my estate plan after remarriage?
A new marriage is an important reason to review an existing estate plan. Reviewing the plan before the wedding or soon afterward can help identify whether Trusts, beneficiary designations, retirement accounts, life insurance, jointly owned property and other estate planning documents still reflect your wishes.
Disclaimer
Ilene L. McCauley is licensed to practice law in the State of Arizona. Ilene L. McCauley, Ltd. provides legal services for clients in the State of Arizona. This article is general and educational in nature and should not be construed as legal, tax, or medical advice. Reading this article or using this website does not create an attorney client relationship. Federal and state laws and regulations are complex and subject to change. Individuals and families should consult qualified Arizona legal and medical professionals regarding their own circumstances.