Second marriages are often rife with challenges. Whether it is coping with the end of a marriage, rebuilding a career that was put on pause, or blending families, you will likely feel overwhelmed for a time, but it is still important to consider what will happen to your assets when you pass on. It is rarely possible to create an estate plan with which everyone in your family agrees, though. Regardless, you should still do your best to avoid some of the most common estate planning errors committed by people who enter into second marriages and who have children. Here are  some critical estate planning errors that you should avoid if you are in such a situation.  NOT Routinely Reviewing (and Revising) Your Estate Plan Unfortunately, some people never change their estate planning documents, even after major events like births, marriage, or divorces. In second marriages, this might mean that your first spouse is still named in your estate planning documents. By changing your beneficiary designations, you can make sure that your assets pass on in the intended manner. While you are reviewing estate planning documents and beneficiary designations, it is just as important to make sure that your medical [...]

One of the most challenging moments in the lives of many people are the days and weeks following the loss of a loved one. If you find yourself in such a situation, it helps to understand what tasks you must achieve. This article reviews some of the most important things that a person must remember to do after their spouse passes away. Before taking any of these steps, however, you should make sure to collect financial records, bank accounts, tax returns, insurance policies, mortgages, debts, and other statements.  Close Bank Accounts When the Time is Right Some people postpone closing a bank account that is only titled in a deceased individual’s name. If you close a bank account that is receiving Social Security too soon, payments for the month of death might be reversed and lead to a negative balance.  Contact Your Spouse’s Life Insurance Carrier Before making a call to the company that holds your spouse’s life insurance, you should make sure that you have all of the necessary documents in order. You should also understand what benefit options are available because there is frequently more than one way that a surviving spouse can claim a life insurance benefit.  [...]