Serving Queen Creek, Gilbert, Mesa, San Tan and the entire East Valley
A marriage isn’t only an expression of love. It’s also a legal arrangement, and as such, many states have laws on the books dictating that when a person dies, their spouse becomes their de facto heir or guardian of their estate.
Many baby boomers may hesitate to discuss money with their children. However, the reality is that a massive amount of wealth will be transferred in the next couple of decades. Cerulli Associates estimates that about $68 trillion will move between generations within 25 years, with most of those assets transferred to Generation X households.
Once you’ve bought an annuity or a life insurance policy and named your beneficiaries, you may never think about those beneficiary designations again. However, that could be a big mistake.
If you are planning to take another walk down the aisle, it is critical to take the time to review and revise your estate plan, especially if meaningful assets and debts are being brought into the marriage.