Reviewing Legal Documents
Whether this is your first, second, or subsequent marriage, take a look at major legal documents to see if changes are needed. Even if you’ve been married for a while, it’s not a bad idea to review these documents:
Estate-planning documents— If this is your first marriage, you may not even have estate-planning documents.In that case, at least prepare a will and durable power of attorney, so that state laws won’t dictate how your estate is distributed. For those entering a subsequent marriage or with children, thoroughly review your estate-planning documents. Changes may be needed to provide for your spouse while also protecting your children, which could involve setting up trusts. Review your estate-planning documents every couple of years.
Asset ownership— Review how assets are titled to ensure they are consistent with your estate-planning goals.If assets are owned jointly with rights of survivorship, that will take precedence over any provisions in estate-planning documents. Typically, a home, bank accounts, and brokerage accounts will be owned jointly.
Assets with beneficiaries— These assets would include life insurance policies, retirement plans, and individual retirement accounts (IRAs). For assets with named beneficiaries, these designations will take precedence over estate-planning documents.
Business arrangements— If you are a partial owner of a business, review any agreements dealing with what happens to the business if you die or sell your interest. The agreement may need to be changed to allow your spouse to continue ownership after your death or for him/her to become involved in the business.
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This newsletter was prepared by Integrated Concepts Group, Inc. The opinions expressed in this newsletter are for general information only and are not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. The views expressed are those of the author and may not necessarily reflect those held by PlanMember Securities Corporation. Material presented is believed to be from a reliable sources and PSEC makes no representation as to it accuracy or completeness.