When you’re remarrying in Georgia after a divorce or the death of your spouse, you may have children. If your new spouse also has kids, going through the estate planning process is important. Doing so ensures your possessions are distributed per your wishes when you pass away. Otherwise, mistakes can occur you don’t intend to have happen.
Failing to change your will
A mistake some individuals may make when getting remarried is not to change their will and have it reflect how they want their possessions to be distributed. Estate planning allows you to go through this process. Changing your will is imperative if you want to ensure your home and stock fund don’t go to an ex-spouse.
Only listing beneficiaries from your first marriage
Failing to add your new spouse and children as beneficiaries after you remarry means they won’t get any of your possessions if you pass away. You need to review your financial accounts and change who receives them if those are your intentions.
Distributing your possessions equally
While it may seem fair to distribute your possessions to each beneficiary equally, this action may be different from what you intended after time has passed. If you see destructive behaviors occurring with a child or spouse, you may want to limit the inheritance they receive to ensure it isn’t quickly squandered after you pass away. Using a trust is an excellent tool you can utilize in this situation.
Waiting until you die to give away your funds
While you can wait until you pass away to distribute your monetary funds, you may want to consider giving some away while you’re alive. Doing so allows you to see the joy it brings to the person receiving your generosity. You can give up to $15,000 annually and not be taxed by the IRS.
Paying attention to your estate plan after you remarry is essential. In the future, you may even want to make changes to reflect your current intentions, which might have changed due to unforeseen circumstances.