There is always something new when it comes to estate planning. That’s why it’s important to have a great relationship with your lawyer in Tampa. They will become one of your trusted advisers and a valuable asset when it comes to estate planning. One of the trickiest issues to deal with in estate planning is when people remarry and have blended families. This creates a whole slew of potential issues because of all the different factors that come into play. Many issues can be prevented by having your lawyer in Tampa help you with your estate planning. Take a look below at four issues to keep in mind when dealing with multiple remarriages.
- Duration of Marriage
It depends on how long the current marriage has been going on for and the current financial situation when determining beneficiaries. Review your current status with your lawyer in Tampa in order to reflect your current lifestyle. For example, if John got married to his second wife over thirty years ago, but never updated his will to reflect his current spouse, his partner could potentially be left without any financial support, or even a home to live in, if something was to happen to John. Hopefully, in this case, a change to his will can be made in time to include his current wife as a beneficiary in case of an unfortunate event.
- Children From First Marriage
It’s important to take the time to consider your children from your first marriage. Whether they are named as a beneficiary on an insurance policy or actually given part of the estate, it’s great to let them feel loved or cared for. Remember to take a step back and see it from their perspective.
- Living Trusts
Speak with your lawyer about how best to traverse these waters. A living trust can be used to pass on your assets to your surviving spouse. However, the issue that arises here is how the children from the previous marriage receive their portion of the estate. Sometimes two trusts can be setup where each spouse is made a co-trustee. However, it’s suggested that a professional co-trustee serve in order to avoid one spouse raiding the trust for their own children.
- Prenuptial Agreement
Obligations to children out of a divorce and any prenuptial agreement should be taken into account by your estate planner. Updates may need to be applied to reflect your current situation. It’s possible that what was agreed upon in a prenuptial previously, could be changed due to a change in wishes.
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