Second marriages are common these days. But if you aren’t careful, you could end up disinheriting your kids.
To make sure that doesn’t happen, make your kids the primary beneficiaries of your life insurance policy, create a trust for them or place certain property under joint ownership with them, says a story on wealthmanagement.com.
But the last one is not recommended, the story says. It could place the property under the risks of divorce or bankruptcy.
The article also says to update your will to say who gets what.
And make sure to update beneficiary designations on life insurance policies or retirement plans. However, if you have been divorced that may not be possible.
Creating an irrevocable trust to provide for your new spouse and your children is a good idea, it says.
And you probably should have had a prenup before getting hitched again.
Best to consult with an estate planning attorney before you get into trouble.
If you have questions about estate planning, feel free to call us for a consultation at (626) 696-3145.
