Estate planning is one of the best things you could do to assure your children of a promising future. However, most people in Wisconsin and other states wait until they are past 50 to start planning for their children. Estate planning when you’ve remarried is especially complex since you have two families to think about. Here’s what you need to know about estate planning and remarriage.
Estate planning considerations in a remarriage
When you remarry, you need to consider revisiting your estate plans. Your property is deemed as the marital property of the new marriage. According to some state laws, the new spouse should be allocated a third of your assets, which could be a rude shock for children from the first marriage. Thus, you should write a prenuptial agreement before the second marriage.
Why have a prenuptial agreement?
Prenuptial agreements have become more common for people who remarry. In second marriages, a prenuptial agreement lets spouses communicate their future plans for financial security.
Older partners might have many assets and obligations such as alimony, child support and estates that they want their family to inherit. A prenuptial agreement will let you go over all these issues with your new spouse to protect them and to guarantee certain assets for children from your previous marriage. You can also revisit your estate plan to make sure there is specific language to provide for both your new spouse and your children when you pass away.
Do you wish to remarry but you’re worried about making sure your marriage doesn’t disinherit children from a previous marriage? An experienced estate planning attorney may explain your options and help update your plan.