Divorce and remarriage are common in the United States. When you remarry, you often create a blended family. Creating one blended family out of two separate families can be difficult enough on a day-to-day basis. You may also worry about how to ensure that both your new spouse and your children from a previous relationship are financially secure in the event you are no longer here. At Stivers Law, our experienced estate planning attorneys can help you create an estate plan that includes remarriage and blended family protection.
The Heightened Need for Estate Planning When Your Remarry
Remarriage creates a heightened need for comprehensive estate planning for several reasons. During your first marriage you probably created reciprocal estate plans that left everything you had to your surviving spouse. It was then left up to your surviving spouse to pass down your combined assets to your children during his/her lifetime or after death. Divorce made that estate planning logic obsolete, and remarriage added an additional reason to review and revise your existing estate plan. You now have a new spouse to consider along with your children from the previous marriage. Leaving everything to your current spouse and trusting that he/she will preserve and pass down those assets to your children is risky.
Remarriage may also trigger the need to reconsider who will serve as the Executor of your estate or the Trustee of a trust, especially if you have adult children from a previous relationship. Not only do you need to consider who you now want to control assets if you are incapacitated, but also who should have the authority to make medical decisions for you if you cannot make them yourself.
Estate Planning Attorney | Blended Family
When you create a blended family, a review of your existing estate plan is essential. You will likely want to update your Last Will and Testament, review fiduciary positions (such as Executor or Trustee), and replace current Agents under a power of attorney and/or advance directive when. You may also want to discuss creating a special type of trust with your estate planning attorney known as a “QTIP” trust which stands for a Qualified Terminable Terminable Interest Property trust. A QTIP trust can financially provide for your current spouse after you are gone while also protecting and preserving assets intended for your children from a previous marriage.
The estate planning attorneys at Stivers Law can help you incorporate strategies for remarriage and blended family protection into your overall estate plan. Contact our office today by calling (305) 456-3255 or filling out our online contact form.