Building an Estate Plan after a Second Marriage

Getting remarried is a happy occasion, but it also makes estate planning more complex.  Elder Law Prof Blog guest blogger, Hannah Watson, suggests some considerations for your new estate plan, summarized here:

• Discuss your plan with your family.  Don't allow children from a previous marriage to be surprised by changes in your plan.
• Talk to your new spouse.  Discuss the important issues that will need to be ironed out with your new partner so that he or she can live comfortably should something happen to you.
• Establish goals with your new spouse. You may want to give assets to charity instead of adult children.
• Consider a trust. While not appropriate for some families, a trust may be a fair way to split assets in blended families.
• Speak to an estate planning attorney.  Planning for your assets when blended families is complicated.

Read Hannah's article here.