How will remarriage affect my estate planning?
Remarriage may add complexity to the estate planning process, especially when there are children from a previous marriage. All testamentary and end-of-life planning documents should be reviewed after a subsequent marriage.
In the event where the decedent had a Will that was not updated after remarriage, the spouse from the remarriage is considered a “pretermitted spouse,” one unintentionally left out of the testator’s Will. In this case, the spouse will be entitled to a portion of the probate estate in the absence of a prenuptial agreement to the contrary. Alternatively, the spouse also has the option to opt for the elective share: 30% of the potentially larger “elective estate.” Choosing between these two options is often simply a matter of which share has greater value.
Updating the testamentary bequests to the surviving spouse may avoid the issues involved with having to make these elections after death. In addition to the Will, the spouses must consider any changes they wish to make to their health care directives, medical release forms, real estate deeds, and more.
For help revising or drafting your estate planning documents, call the attorneys at Bach, Jacobs & Byrne, P.A. at (941) 906-1231 today.