As your life changes, so will your estate plan. Adapt it accordingly. One such significant event is when you remarry—especially after already having children. The core focus of estate planning is to ensure your assets get dispersed according to your wishes.
As joyous as a second marriage can be, it can alter your plan for the future. By creating an estate plan, you are planning out your future and protecting your past.
Children From A Past Marriage
Though you may not always be a husband or wife permanently, you will always be a parent to your children. When you remarry, you have a new person in your life: your new spouse. At the same time, you have your kids from your previous marriage.
And you want to protect both. When you meet with your estate planning attorney, the two of you will have to map out how to do this. Why? If you pass away before your new spouse (predecease), your assets could end up going to your former spouse. Without an estate plan, nothing guarantees that anything will get handed down to your children.
Ask your attorney about how to establish a trust. This is a way to divide your assets amongst your spouse and your children. Your attorney can advise you based on your specific needs, including how to utilize life interest for spouses or educational trust for children.
Planning For Your Future
There are a whole host of things to consider when you remarry in terms of your estate plan. Although previous children were discussed, what if you have children in your second or third marriage?
Most people who remarry are bringing their own assets into it. Those who marry later in life are likely somewhat established. They have property, savings, investments, and even debts. If you have your own home (in your name only), what do you intend to do with it? Ask your attorney about the pros and cons of retitling the property so that you and your new spouse are on it.
Beyond that, you and your new spouse might bring previously established estate plans into your new marriage. If one or both of you have a will in place, then it should be updated. Also, you will need to consider the possibility of generating a new one, jointly. This is where you will be able to discuss and/or change your beneficiaries.
Law Office of Alexander Sherwood Keenan, PLLC
Everyone should have an estate plan in place. Regardless of what stage in your life you are in, create a will or a trust to take care of the loved ones in your life. Contact the Law Office of Alexander Sherwood Keenan, PLLC to take control of your future today. We can also be reached at (845) 345-2123.