Remarriage can greatly affect your current estate plan, so it’s important to know how these changes might impact your assets and loved ones. When you remarry, your finances, family relationships, and legal responsibilities can change. This means you might need to update your estate plan to match your new situation.
Spousal rights and inheritance
Your new spouse may have certain rights to your estate, even if your current estate plan doesn’t include them. Florida law provides a surviving spouse with rights such as elective share, which allows them to claim a portion of your estate, typically 30%, regardless of what your will states. And if you did not update your will after your marriage, your spouse is actually entitled to 50% of your estate as a “pretermitted spouse,” because the law assumes that you would have included the new spouse in your will if you had gotten around to it! Also in Florida, your spouse is entitled to live in your homestead for the rest of their life, no matter whether their name is on the deed or not, or whether you left your house to someone else such as your children.
Update beneficiary designations
One of the first steps after remarriage is reviewing and updating beneficiary designations on accounts like life insurance policies, retirement accounts, and payable-on-death accounts. If you don’t update these designations, the assets could go to a former spouse or other unintended recipients, regardless of what your will states.
Revising your will
A remarriage often requires a revision of your will to reflect your current family situation. This includes clearly defining who should inherit your assets—whether it’s your new spouse, children from a previous marriage, or other loved ones.
Consider a prenuptial agreement
Creating a prenuptial agreement before remarriage, or a postnuptial agreement after, can protect your assets and make sure your estate plan matches your wishes. These agreements spell out how you will divide assets between your new spouse and your children, helping you avoid conflicts.
Protecting your wishes moving forward
The impact of remarriage on an estate plan can be profound. Taking proactive steps today can help prevent future uncertainties for your loved ones.
