If you are tying the knot for the second time and have children from your first marriage, you cannot expect everything to be as rosy as it used to be. The Brady Bunch. Even if your kids are grown up and don’t spend much time with your new partner, they may resent them nonetheless.
One of the sources of contention between the second spouse and the stepfather’s adult children is simple money. Even though your children are no longer dependent on you financially, they can still expect to receive a share of your property after you are gone. They may be worried that your new spouse will end up with all of your assets – including family inheritances.
If you don’t have a property plan, now is the time to create one
You can block this source of conflict and Protect your children and your new husband With the estate plan. If you already had one, you likely reviewed it after your divorce or the death of your spouse. You will need to review it again when you marry again.
If you haven’t been able to create one, now is the time. Otherwise, you risk dying without a will (without a will). If that happens, the courts decide who gets what based on state law. As one certified financial planner says, “It can be a long-term procedure that no one wants to go through.”
Communication about your plan is essential
It is also important to talk to your children and your new spouse about your estate plan. Let your children tell you what is important to them. They may be counting on acquiring a model airplane, doll set, favorite pieces of jewelry, heirlooms from your family, or perhaps a vintage sports car. If you’re not ready to give these things away while you’re still around, detail them in your will so there is no confusion about who gets them.
Chests are a good choice for people with mixed families. Whether your children are still minors or are about to retire themselves, you can set up one or more trusts for them as well as for your spouse to ensure that they all receive a share of your assets. Let everyone know that they are the beneficiaries of the trust.
These are just a few things to think about. An experienced estate planning attorney can help you Make sure your real estate plan suits everyone you love.