As summer wedding season kicks into full swing, now is the perfect time to look at how your estate plan affects your spouse. Whether you’re about to get married, are just married, have been married for years, or are (hopefully not) recently or in the process of a divorce, proper estate planning is a necessity in your life. So before you tie the knot under the South Florida sun, take a moment to look ahead and think what would happen to your spouse

If you die without a will, Florida intestacy laws dictate that the surviving spouse gets at least one half, and up to the full estate, depending on whether there are kids from prior marriages. This is good news if you are unfortunate enough to pass away without an estate plan while happily married; it is considerably worse news if you pass away while in the process of a divorce. What happens if you pass away en route to the wedding and you have not updated your estate plan? Your significant other may have been only thirty minutes away from being your spouse, but would get nothing from your estate in the eyes of the law. Timing and continuing to update your estate plan are crucial when dealing with the issue of marriage.

A will can be used to make sure that your spouse is taken care of by your estate, but a trust will give you more control over the distribution of your assets after you’re gone. For example, you leave everything to your spouse in your will. However, she remarries years later and dies without an estate plan. Depending on the child situation, the new spouse may inherit all of what was once your money. A trust can be used to make sure your spouse is provided for during his or her life, while making sure that your assets stay in your family after the spouse passes away.

In addition to protecting your assets, other estate planning should be done to prepare for different marriage situations. Such planning includes purchasing life insurance to deal with tax and liquidity issues, a power of attorney and designating a healthcare surrogate to make important decisions should you become incapacitated, and a HIPAA release so that your spouse can view medical records should the need arise. Furthermore, you should check the beneficiary forms on any retirement accounts and make sure they are all up to date; the beneficiary form will trump a counter-statement in a will or trust.

For more information on successful Florida estate planning and asset protection techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 to schedule your free consultation.

It’s a Wild world. Are you protected? SM