A second marriage can mean a whole new set of possibilities, but also a new host of issues when it comes to estate planning. Do not be one of the many who forget to review their estate plans and other legal documents when they remarry.
Second Marriage Tips for Estate Planning in Cary NC
First marriages can be straightforward because it is generally two people without children. A second marriage usually means the number of people involved is multiplied. There is a first spouse, second spouse, children from the first marriages, and possibly children from the second marriage. It can be confusing to figure out how to write your estate plan so everyone is covered and no one left is left out (unless you want them to be). These families are called blended families and they have their challenges.
In the next few posts, we will take a look at estate planning tips for second marriages. First, we’ll focus on spouses, then we’ll take a look at what to do when children are involved.
First, take a look at your current plans. They may be the same arrangements that you made during your first marriage that weren’t revised when you divorced. If so, you need to make changes soon so that if something were to happen, your current wishes would be carried out.
Next, decide what you want to accomplish with the new estate plan. Do you want to give any support to the previous spouse if you pass away, so that he or she can take care of your children? Do you want to factor in what each of you brought to the marriage, and ensure that it is separate should one of you pass away? This may be a good idea if you both have children that you want to be named beneficiaries for certain assets.
Be sure to visit back with our next blog post to learn more about second marriage estate planning in Cary NC.
No matter if you're married, single, wealthy, a parent, it's important for all adults to consider estate planning and the proper documents in place at the beginning of each year. If you failed to do that at the beginning of 2016 or need to update due to a situation change, please feel free to contact us, today to get started with your plan.
Eldreth Law Firm, PLLC
As always, feel free to contact us with any questions or concerns you may have about estate planning. Also contact our estate lawyer to schedule a consultation if you have yet to start estate planning. It's never too early to make plans for your wishes upon death. In addition, our attorney is here to help you with all your legal matters, whether it be estate planning, trademarking, copyrighting, or DWI issues.