I recently remarried. He has his own children and I have mine. He and I have our own estate documents. Should we have them reviewed now that we have tied the knot?
– Honeymoon on Honeygold
Congrats! Yes, it is very important to have documents reviewed after major life events: marriage (first or second!), death, retirement, divorce, births. It is especially important in your situation.
Many are not aware that, in California, if you have a Trust prior to marriage and do not amend that Trust after marriage to mention the new spouse (and your intentions for them), upon your death, the new spouse may have a claim against your estate as an “omitted spouse.” The second (surviving) spouse could claim between 1/3 and 1/2 of the deceased spouse’s estate due to this oversight!
Further, the surviving “omitted spouse” could make a claim even if money was kept separate during the second marriage. It helps if there is a valid agreement which dictates each spouse’s right in the other’s estate, but many honeymooners fail to plan for this.
In a circumstance like this, children from a first marriage are often pitted against the second, surviving spouse. People wish they could go back in time and “fix things,” but it’s often too late.
Get it done right and have a review!
In this video I talk about Second Marriage Possible Pitfall