Estate planning in a second marriage

| Apr 21, 2020 | Estate Planning | 0 comments

When you find a new love after losing a first spouse either via death or divorce, you have many reasons to celebrate and feel positive about your future happiness. However, upon getting remarried, you and your new spouse may face unique challenges that may not have arisen during your first marriage.

Many second or subsequent marriages include children brought into the marriage from one or both partners from previous relationships. Bringing your new spouse’s children into your life may require taking a different approach to planning your estate.

Leaving a legacy for your children

As explained by Forbes, many parents feel a desire to ensure their children and potentially even their grandchildren inherit something of value from them. This may be in the form of financial assets, family heirlooms or both. In a first marriage, the children may receive their inheritance after both parents die. However, in a marriage where the surviving spouse is not the biological or adopted parent of their new spouse’s children, things can get complicated.

Providing for a surviving spouse

Partners understandably want to make sure their surviving spouse receives sufficient care or assets to provide any care necessary. Combined with a wish to leave assets for the children, a person may not know how to structure a will. In this situation, some special types of trusts may offer the flexibility needed to accommodate their surviving spouse, their children and their grandchildren.

More information about the factors you and your spouse may want to consider when creating your estate plans for your newly blended family may be found at the wills and trusts page of our Oregon estate planning website.