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What people should consider during the estate planning process

On Behalf of | Oct 12, 2020 | Estate Planning |

When an individual in New Hampshire gets married for the second or third time, it’s important for them to review their will and other important documents. If they don’t, their children or spouse might be unprotected after they die. Here’s what people should consider when they review their financial documents.

What should people consider during the estate planning process?

During the estate planning process, individuals should be careful to include their new spouse in their will. If they don’t, their assets might be automatically given to their children when they die. This can include the house that their spouse lives in. If the spouse and children don’t get along, the children might kick them out of the house and shut them out of the proceedings.

Individuals should also remember to protect their children during the estate planning process. If they leave everything to their spouse, the spouse might not be willing to share their inheritance with children from a previous marriage. Parents should remember to directly name their children in their will.

Additionally, individuals should review other assets like retirement accounts and life insurance plans to make sure that their former spouse isn’t still listed as a beneficiary. Otherwise, their former spouse might receive the benefits after they die.

Where can an individual find assistance with estate planning?

If an individual needs help with estate planning, writing a will or forming a trust, they might find it beneficial to speak with an attorney. An attorney may help them evaluate their assets and figure out how to divide them up among their family members. The attorney may also be able to draft a legally binding will that ensures that their client’s estate is divided up according to their wishes. They might also assist with probate and executing an estate plan.

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