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Remarrying? Update Those Planning Docs!

October 18, 2016

Filed under: Divorce — Neel Shah @ 9:15 am

There’s a strong chance that your wedding checklist does not include a trip to your estate planning lawyer, but there’s a good reason it should: remarriage shifts the family dynamics and your new documents should reflect this new makeup. Many individuals in the U.S. are facing the prospect of a second or third marriage.

In fact, according to a Pew Research Center report, 40 percent of marriages in 2013 alone were remarriages for one or both spouses. The stats for failing to create or update an estate plan are even more problematic. As much as 63 percent of the U.S. population doesn’t even have a will, and nearly ten percent have an outdated one. NJ estate planning lawyer

This combination of outdated or nonexistent documents and a new marriage can present a conundrum. If something happens to you, the old valid documents will still hold, even if they give power of attorney or property over to a former spouse.

If you’re getting married, there are plenty of things to celebrate, but don’t let your planning opportunities go out the window. It’s a critical time to update your documents and ensure that you have everything in line for your new family dynamics and individual needs. Contact a New Jersey estate planning lawyer to learn more.

 

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