Getting married for the second time can bring about a great deal of joy in your life but it can also lead to many different questions and concerns. That’s why it’s important to work directly with an experienced estate planning attorney who understands the issues surrounding the second marriage. Some of the following considerations may be applicable in your second marriage. These include:
Spouses are able to leave their assets separate and use their own revocable trust.
A joint trust might also be appropriate when it is irrevocable on the first spouse’s death.
Burial and funeral plans should always be discussed with family members proactively to ensure that people are on the same page.
Second marriage spouses should at least contemplate using a separate bank account.
Naming a spouse and one of the children as co-attorneys in fact, when these parties can get along together and recognize your wishes can minimize the possibility of conflicts in the future.
Evaluate the beneficiary designations that have been listed on all previous forms including those with your life insurance company or your IRA.
It can be especially difficult to broach the subject of estate planning considerations and concerns during a second marriage as this may lead to questions of issues surrounding trust. But it is also important to think about protecting your children from your first marriage and any other family members who could be impacted by failing to update your previous plans or not considering the newly complicated aspects of your second marriage.
Schedule a consultation with an estate planning attorney who is highly knowledgeable about these complex issues.