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Remarriage may mean revisiting estate plans

These days, many individuals consider marrying more than once a relatively common occurrence. You may have had one marriage end in divorce only to later find a new love and tie the knot once again. While second or additional marriages can often bring a new sense of happiness to a person's life, you may want to consider how remarrying could potentially affect your estate plans.

Many individuals create their estate plans at various points throughout their lives. If you already had a plan in place before your remarriage, reviewing that plan could prove prudent. Because many life aspects tie into your estate planning documents, you may want to ensure that you and your new spouse have created common ground.

Initial discussion

Speaking with your new spouse about estate planning could prove beneficial. By broaching the topic, you can both bring up concerns you may have about providing for one another, and protecting assets for children from previous marriages and obligations you may have to ex-spouses as part of the divorce settlement. You may also use this time to talk about potential guardians for your children and how ex-spouses may impact those decisions.

Review previous plans

You may wish to take the important step of reviewing your previous plan when creating a new estate plan. The information in your already established plan can help you determine which accounts may need updated beneficiaries, which parts of your will may need rewriting and what aspects may not change due to extenuating obligations.

Overall goals

As you and your new spouse work together to create a comprehensive plan, you may wish to clearly explain your goals and desires. Having an open discussion about how you want your assets distributed to your children and potentially to your spouse, as well as whom you want in charge of any necessary financial and health decisions, could help avoid complicated future endeavors.

Ensuring legality

In order to ensure that you have updated your estate plan properly and your decisions are legally binding, you may want to make sure that you have followed the necessary legal channels to change your plans.

A legal professional could provide you with useful information on what aspects of your plan to consider updating in the event of a remarriage. Speaking with an experienced Oklahoma attorney could allow you to gain specific insight into your situation. Taking the time to revisit your estate plan could prevent serious issues in the future.

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