If you are one of the many people in Missouri who has been fortunate enough to find a new love to bring into your life after the death of a spouse or after a prior divorce, you have many reasons to celebrate indeed. However, before you rush to walk down that aisle again and legalize your union, it is wise for you and your new partner to carefully review and formalize your estate plans.
As indicated by Fidelity Investments, all too often in blended families, there can be strong emotions around who will retain or receive what when one of the spouses dies. This can be especially tricky if there is a prized family heirloom that one set of children expects to be kept in their family lineage that ends up in the hands of the stepchildren instead. Concerns like these may well put people on guard from the beginning and stand in the way of the family coming together as it could.
Clarifying post-death wishes can help a couple ease the fears of others and make them both feel confident that they are working as a team and will protect each others’ best interests. Providing care for a new spouse can also be part of these plans without sacrificing obligations to existing children.
If you would like to learn more about the considerations you should review with your new partner regarding long-term estate planning before you get remarried, please feel free to visit the remarried couple’s asset protection page of our Missouri estate planning website.