Estate planning for a second marriage

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Estate Planning on Aug 5, 2016.

Falling in love is one of the most amazing experiences that a human being can have. When Pennsylvania residents are lucky enough to find love a second time, they are often excited to begin a new marriage. Starting a second family offers a range of challenges, especially for those who have children from a prior union. It is important to take a carefully considered estate planning approach to ensure that all of an individual’s loved ones are cared for when the time comes.

In many cases, children are fearful that their parent’s new spouse will not have their best interests at heart in the long run. Virtually everyone knows of a family in which a second or subsequent spouse inherited everything, only to cut out children and other heirs who were not protected with proper planning. The best way to address these concerns is with a comprehensive estate plan that outlines the wishes of the parent.

There are a number of options that give individuals the ability to provide for both their new spouse and existing children from a former marriage. Trusts are one option, as is titling certain assets jointly. In addition, a thorough will can outline which items of personal property are intended to go to which designated heir.

When it comes to estate planning and second marriages, it is important to approach with caution. No Pennsylvania resident wants to alienate a new spouse, or cause children anxiety and concern. By addressing this issue early in the second marriage, all parties can relax and enjoy getting to know one another and work toward forming new family bonds that will last a lifetime.

Source: CNBC, “Getting remarried? Protect your assets and your interests“, Deborah Nason, July 28, 2016