In New Jersey, remarriage can change your estate plan in surprising ways. By law, a new spouse has inheritance rights that may take priority over an older will. That means your children from a prior marriage may receive less than you planned. That is because default rules apply when your documents do not reflect life changes.
If you are in your 50s and have remarried, you may face a pressing question: how do you protect both your new spouse and your children from a prior marriage? Here are key considerations to help you protect both your new spouse and children from before your remarriage.
1. Updating your will and trusts
If you wrote your will before remarrying, it may no longer carry out your wishes. That is why it is important for you to update your will or create trusts. This lets you provide for your spouse while protecting assets for your children. For example, a marital trust can provide your spouse with income for life. Afterward, the remaining assets pass to your children, protecting everyone’s interests.
2. Elective share in New Jersey
State law gives a surviving spouse the right to claim an “elective share” of the estate. N.J.S.A. 3B:8-1 generally sets the elective share at one-third of the deceased spouse’s property.
This means that even if an outdated will leaves little or nothing to a new spouse, the spouse can still legally claim a portion of the estate. Planning ahead ensures this right is addressed in a way that balances the needs of both spouse and children.
3. Beneficiary designations
Retirement accounts, life insurance and bank accounts pass directly to the named beneficiary. If you forget to update these designations after remarriage, your ex-spouse or another unintended person may still inherit them.
Taking steps to protect both spouse and children
Blended families need estate plans that go beyond the basics. After remarriage, review your documents and update all beneficiary designations. It will also help to consult a New Jersey estate planning attorney to protect your intentions.
In families where both a new spouse and children from a prior marriage are involved, a well-structured estate plan is the best way to balance interests fairly. Planning today gives your family clarity and prevents conflict. It ensures the life you have built is honored for generations.
