Another trip down the aisle necessitates some life changes, such as the blending of bank accounts and children. Another change may not spring to mind right away, but it should: your estate plan.
When it comes to remarrying, you or your new spouse may have children from a previous relationship. Subsequent marriages and blended families present some unique issues that estate planning can resolve. Delve deeper into some examples of why updating your estate plan is critical for your new family’s future.
Leaving assets to biological children
One of the most significant sticking points, when a remarried parent passes, is how his or her biological children inherit. In most instances, when one spouse dies, the other spouse becomes the sole heir of the property and assets in the estate.
Many blended families have shattered when biological children felt cut out of their dead parent’s estate. If you wish to leave money to your biological children, do so via a trust or some other direct inheritance, such as a joint tenancy. Doing this will give you and the children peace of mind that they will receive what you wish for them to have upon your death.
Considering the surviving spouse may remarry
If you die first, it is not outside the realm of consideration that your spouse will remarry at some point. You likely do not want all of your assets to go to this new spouse upon your spouse’s passing. Again, trusts become a great vehicle to ensure that your assets go where you want. You may want to leave a set amount to your spouse and the rest to your biological children in a trust.
When you die, you want everyone in your family to be able to move on without strife. Making important changes to your estate plan now may help them to achieve peace when they need it most.