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Estate planning considerations for a new marriage

On Behalf of | Apr 13, 2020 | Estate Planning |

Whether after experiencing the death of a spouse or a divorce, many people today find themselves in love again and ready to say “I do” to another spouse. Before getting married, however, partners should take the time to have candid conversations about their financial situation and their long-term estate planning wishes. 

Remarriage assets and family members 

As explained by CNBC, the rate of remarriages increases as people get beyond the age of 55. By this point in a person’s life, there is a greater chance that each person will bring significant assets into a new marriage. These people are also more likely to have children and grandchildren to whom they would like to leave special items or assets after they die. 

Evaluating timing as well as assets 

Forbes indicates that when it comes to an estate plan for a blended family, spouses should consider not just what they want to leave to whom, but also when they would like certain assets to pass to different people. For example, a person may want to create a special trust that bequeaths assets to their surviving spouse initially with a clause that remaining assets flow to the first spouse’s children after the second spouse dies. 

Some couples may elect to allow a surviving spouse to live in a marital home after the first partner dies but denote that ownership of the home will be assigned to the first spouse’s children. When making an estate plan for a remarriage, couples should also carefully indicate what assets will be comingled and what items may remain separate property.