Welcome back. In our previous blog we talked about estate planning for second marriages. There are two questions to ask yourself while considering how to create a new 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?
The answers to these questions may be a good idea to consider if you both have children that you want to be named beneficiaries for certain assets.
Second Marriage Estate Planning Tips | Estate Lawyer in Cary
Once you have an idea of how you want things to be divided and administered, you will need to put it in writing. A will can leave specific instructions. A trust is often a part of an estate plan that can help when passing on assets that will continue to be paid while a spouse is alive.
Another change you may want to make is how your titles for property such as cars and houses are listed. In a case of “joint tenants with right of survivorship” or “transfer on death” then it can be made clear the property goes to the person listed on the account.
Don’t forget to designate new beneficiaries on retirement accounts and life insurance policies, otherwise the person listed may override what you have in your will.
It is also a good idea to know the property laws in your state. There can be differences depending on whether or not you are in a community property state. A lawyer can help you find out what laws will apply in your state.
Planning your estate with blended family can have its challenges, but do not let it deter you from making sure that your wishes are carried out and your new spouse and family are protected.
Check out the next post where we will focus on estate planning for your children.
Eldreth Law Firm, PLLC | Estate Lawyer in Cary
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.