How Marital Status Affects Estate Planning

Anyone who has a marital status change should find a lawyer to create an estate plan that works for their new situation.

Spouses have extra rights when it comes to estate planning, because they usually become the primary heir, even when a Will is not present.  Married couples also get access to special kinds of estate planning trusts, like the QTIP trust, for example.  It's also tax free to leave your spouse assets and gifts.  If you're getting married, it's a smart idea to review your estate plan or create a new one that takes your new status into consideration.

If you’re going through a divorce, be aware that you lose certain rights when it comes to the other spouse’s estate. If it is desired that the divorced spouse should remain as a beneficiary to the other spouse’s estate, this needs to be included in an updated Last Will.

Laws on this topic may vary from state to state. This content is not meant to provide you with complete information and it is not intended to be legal or tax advice. It is recommended that you consult with your own attorney, accountant or other advisor regarding your specific situation.