New York Estate Planning And Second Marriages

In this day and age, so-called “gray divorce,” where elderly people go their separate ways, is becoming more common. As a result, second marriages are becoming more common in Westchester County than they used to be as well. While any competent single adult may marry, far too many fail to take their estate planning into account when they do so. Failing to adjust your estate plan to work with a second marriage can leave some of your chosen beneficiaries out in the proverbial cold.

Avoid Intestacy

One major reason to alter your estate plan after a second marriage is that a failure to do so may lead to your assets winding up in the hands of people you do not wish to have them. New York has an intestate succession law, which sets out an order in which a decedent’s possessions will be granted to their surviving family. Usually, the surviving spouse may choose what is known as an elective share – which can be anywhere from one-third to one-half of one’s estate – if not otherwise provided for. This may effectively disinherit other chosen beneficiaries, but unless other provisions are made for a surviving spouse, they have the right to claim that elective share.

In addition to these concerns, New York law specifically revokes any powers or grants to an ex-spouse once a divorce becomes final. Thus, any beneficiary designations or powers granted to a person’s ex-spouse (for example, being chosen to act as one’s personal representative) must either be re-granted in a codicil, or affirmatively granted to someone else, if the person wants their wishes to be carried out. Failure to do so means the state must step in again, leading to familial discord at the very least.

Protect Your Children’s Inheritance

When a person marries for a second time in New York, any children they might have with the second spouse are considered surviving family upon that person’s passing. This means that they are entitled to an inheritance even if the deceased never made any kind of estate plan. However, this is not also true for a person’s first family. The ex-spouse and children from the first marriage are effectively disinherited by the sheer act of the second marriage.

If you want all of your children to benefit from your estate, it is crucial for you to plan for that to happen. There are many different ways in which you can remember everyone in your estate plan – trusts are commonly used tools, for example, though one must be certain they choose the right type of trust for their needs. With the right legal help, it is absolutely possible to provide for everyone you care for as long as your estate is planned properly.

Call A Pleasantville Estate Planning Attorney

Estate planning can be quite complex, particularly if you have married more than once, but it is important to ensure that yours is always up to date. A Pleasantville estate planning attorney from Meyer & Spencer, PC can help you organize your estate so that your wishes will be honored. Contact our office today at (914) 741-2288 to schedule a consultation.

Source:

nysenate.gov/legislation/laws/EPT/5-1.3