You got married 20 years ago, had children and got divorced. Now you're getting married again. Is it time to think about estate planning? Do you need to create a plan or update the one you have?
This is absolutely something to think about. If you don't, experts warn that you could accidentally cut your own kids out of part of your estate.
For example, maybe you have a life insurance policy. It's a big part of your estate. You named your new spouse as the beneficiary. The idea is that, should you pass away unexpectedly, they'll have money to live off of.
That's fine, but, if you do not have a legal plan in place, what they do with the money -- and the rest of your estate, which passes on to them -- is their decision. When they write their own will, are they going to leave assets to your children from your previous marriage? What about the life insurance money? Will any remaining money from your policy actually go to your kids?
If your new spouse has their own children from a previous marriage, as well, things can get even more complicated. Do the children even know each other? Do they agree on what to do with their parents' estate, or will they both feel like everything should go to them? If they are already adults as you get married for a second time, it's not as if they have a close relationship.
Planning for something like this is crucial. Make sure you know what steps to take.