How second marriages make estate planning tricky

Planning a second marriage should involve more than deciding where to hold the ceremony. You may want to look past the nuptials and into the future by creating a solid estate plan.

Second marriages include more elements than your first go-round. With so many factors to consider, it is understandable that your estate plan may look considerably different. Discover some of the new elements you may want to address in a comprehensive plan.

Children

Blended families are common in second marriages. Whether you and your spouse both have children or only one of you does, ensuring that your estate plan does not leave any of them out is critical to reducing strife after your passing. A trust account is an option you may want to explore. This account allows you to pass assets directly to those you name without going through probate or your spouse.

Assets

Going into a relationship later in life probably means you and your future spouse are financially independent and thriving in your professional lives. Bringing money into a marriage may make for tricky conversations about what you plan on designating as shared and what you may want to keep separate. Any money you comingle with your spouse is marital property and subject to co-ownership claims in the future.

Beneficiaries

After remarrying, you may want to go back and revise your beneficiary designations for the appropriate accounts. Life insurance and retirement accounts require you to name the person or persons you want to inherit the money when you die. If you have not updated this information, it may include your former spouse.

With some planning now, you and your new spouse may rest assured that your estate plans are solid.