How Second Marriages Can Legally Affect Estate Planning
The most effective estate plans are not static; they change as your life evolves. It is especially important to update your estate plan after major life events, such as a second marriage. Consult with your estate planning lawyer in St. Louis to make sure your documents are properly adjusted and updated for your new goals and circumstances after you remarry.
Planning for Your Entire Blended Family
A second marriage can make estate planning complex by introducing not only a new spouse, but also potential stepchildren and new children born within your second marriage. If both of you have children from prior marriages, these children must be taken into account during estate planning. The same is true of financial obligations you both have from previous marriages, such as child or spousal support payments.
The future you want for your blended family must be put in writing with a valid and comprehensive estate plan. This is the only effective way to provide financial security for your surviving spouse and new children without unintentionally disinheriting the children either of you has from previous marriages.
You can use special trusts in your estate plan to set aside specific assets for your biological children while still passing your wealth to your surviving spouse – ensuring everyone is supported. A new estate plan can allow you and your spouse to organize contributions to children and grandchildren as you so desire to achieve your unique goals and prevent familial disputes.
Managing Legal Rights Automatically Given to Your New Spouse
When you remarry, your new spouse automatically gains certain legal rights to your assets under Missouri law. The state’s divorce laws, for example, entitle your spouse to an equitable distribution of your marital property. This includes any marital or commingled real estate, retirement funds, personal property and bank accounts.
To manage these rights upon remarriage, you can use prenuptial and postnuptial agreements to remain in control of asset division, property rights and inheritance. You can also utilize an estate plan with special trusts that clearly define how you would like your assets to be distributed among your children, stepchildren, surviving spouse and previous spouse.
The Importance of Updating Your Will and Estate Plan Upon Remarriage
If you have an old will from your first marriage, do not assume this will be enough to uphold your wishes after you pass. It is dangerous to make any assumptions about how your ex-spouse might choose to distribute your estate. The only sure way to have your wishes met is with a clear and updated estate plan that factors in your second marriage (and any children of that marriage).
It is also important not just to leave everything to your new spouse and let him or her decide how to distribute your assets to children and grandchildren. Your spouse may not have the same ideas as you do about passing on your assets or inheritance, or he or she may administer your estate in a way that your ex-spouse does not agree with. This could lead to a legal battle.
Don’t leave the future of your estate to chance by failing to create an estate plan for your unique blended family, or failing to update a plan that you created during a previous marriage to address your new life circumstances. Failing to plan ahead could lead to a complex probate process that is stressful and costly for your loved ones after you pass.
If you’ve recently entered into a second marriage, contact TdD Attorneys at Law to discuss your new estate-planning needs in detail with a lawyer.