Estate Planning for Second Marriages
Second marriages (and third and fourth marriages) are more and more common every year. I see more and more clients come in who have strong and fabulous second and subsequent marriages with their new spouse. However, blended families present many interpersonal challenges in real life; and just as many in estate planning. As strong as the relationship is between the spouses though, dissension and infighting are very common among the children of these relationships. Especially after one or both of the parents is gone.
There are many questions that come up when I am speaking to spouses in these types of relationships.
What are some of the questions I’m asked?
- We each brought our own children into the marriage. We also brought our own assets. We want to keep those separate, and pass those down to our own children. How do we do that?
- Can I find leave more to my kids than to his/her kids?
- My kids are good at handling money, but his/hers are not. What do we do?
These are all questions that I’m asked routinely. So what is the answer?
An experienced estate planning attorney knows that there are many ways to deal with the complexities that second marriages present. You can absolutely leave the assets that you want to stay separate to your own children. And you can also leave the assets you and your spouse worked to accumulate together to the kids more equitably.
Those who are in a blended family environment should seek the help of an attorney who will take the time to properly advise of the different ways that these issues can be dealt with. Your attorney should be aware of how the family gets along, and the ways which the attorney can help create a family harmony when it comes to the estate. The goal is to map out the path while you’re alive to help foster a family harmony now, and when your estate passes.
Speak to a St. Charles Trust and Estate Planning Attorney
If your marital status has recently changed, contact St. Charles trust and estate planning law firm, Polaris Law Group. Polaris Law Group takes pride in offering an effective, full-service experience to our clients. If you want to ensure that you and your family are properly cared for, contact Polaris Law Group’s experienced trust and estate attorneys, Scott Stork and Raymond Chandler today. Scott and Raymond are seasoned estate planning attorneys and are members of the National Network of Estate Planning Attorneys, the National Academy of Elder Law Attorneys, and Elder Counsel. Schedule a meeting by phone or by filling out a quick contact form today.