Getting married more than once might be the right thing for your individual circumstances, but it can set things up to be difficult for your children from your first or previous marriages when you bring in someone new.
Combining finances in a subsequent marriage can be very complicated when both of you might have children from previous relationships or existing irrevocable trusts and wills. It is imperative to update these estate planning documents as soon as possible after you enter your new relationship.
You’ll want to have a consultation with a Pasadena estate planning lawyer who can walk you through what your current estate planning tools mean and how they will be interpreted by the court.
Furthermore, this is a great opportunity to update your existing estate planning materials to verify that you have considered all relevant issues and to walk step by step through each of the documents and beneficiary designation forms that you had in place prior to your most recent marriage. This might seem like a lot of detail-oriented work, but it can pay off in a big way when you avoid challenges in the future.
Make sure that you protect the loved ones that you intend to receive your assets in the future and talk to an attorney as soon as possible about some of the common pitfalls and issues associated with a second or third marriage.
No matter what your situation is, it’s a good time to update your estate planning documents in Pasadena.