Estate planning for second marriages may need special handling

On Behalf of | Dec 27, 2021 | Estate Planning |

Getting remarried may leave you with unique estate planning needs. Caring for your children after your death may force you to implement different strategies.

You and your future spouse may want to discuss how you want your estate handled. Otherwise, you may inadvertently create a legal quagmire for your loved ones upon your death. Learn more about how you can protect those you love later.

Create a will

If you die without a will, your spouse inherits all marital property. This may work if you do not have children. However, if you do, those children may file a claim in probate court to get a share of the estate. This process may drag on and become costly to everyone involved. A will is a better way to prepare those you love for what to expect when you die.

Revisit beneficiaries

Life insurance and retirement accounts require you to name a beneficiary. When you die, the money in these accounts passes directly to those you name. After you remarry, you may want to change the beneficiary to your new spouse or even your adult children. Doing so allows you to pass money directly on after your death, giving them an instant inheritance.

Consider trust accounts

A trust account is a financial storehouse for money and property. You place assets into the trust for the benefit of whoever you designate. Like life insurance and retirement accounts, a trust does not go through probate. A trust allows you to place restrictions and rules on when and how the money disburses after your death. A trust may prove beneficial for leaving children of any age an inheritance.

Without the proper preparations, your death may bring about more than emotional distress for your family. Having an estate plan alleviates some of the stress and strife.

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