What to Consider When Elder Law Lawyers Make Estate Planning For Second Marriages?
Talking about estate planning for a second marriage is like a new challenge that one didn`t think of the first time around. For example, if you or your new husband/wife have children from previous marriages. Through this blog, we are going to discuss some important factors and strategies when estate planning for a second marriage.
Prenuptial Agreements
You may go older with
your second or third marriage. But it doesn`t mean you should throw caution to
the wind planning is still important. However, it is not a romantic task, but
couples need to discuss a prenuptial agreement. Moreover, this becomes true if
any of the following circumstances apply:
- One partner is giving up a
productive career
- One partner maintains a
business
- One partner has major assets
they want to keep separate from marital assets
- One partner brings significant
debt
- Children from an earlier marriage are involved
If any of the circumstances mentioned above apply to you, the next thing to consider is the timing of the documents. You will avoid the appearance of pressure, which can reduce some prenuptial agreement null and avoid. Be sure to know that your documents need to be signed at least one month before the wedding if preparation isn’t your strong suit. In the end, you and your partner spouse must have an Elder Law attorney involved in the design and review of the prenuptial agreement.
Review and Update
Beneficiary Designations
This situation is great to go back and review all other documents to verify the designation of beneficiary. There is no doubt that people you have named as beneficiaries in many requirements. It is a good idea to cross-check now then, not have your last wishes be carried out due to error. Don`t forget, beneficiary designations usually trump wills. The good thing is that it is quite easy to make and update beneficiary designations.
Protecting Children
from a Previous Marriage
Your children from a
previous marriage may not be provided for in the way you would have wanted
after you pass away if your estate’s assets are left to your new spouse. Your
new spouse could, upon their death, leave all of the properties to their
children, eliminating your children. There may not be enough assets remaining
to provide for your new spouse or any children you have together if most of
your estate is left to your children from a previous marriage. This becomes a
matching act that needs proper planning to confirm your wishes, and those of
your new spouse are carried out. Lastly, you and your new husband/wife must
have a will. Without one, intestacy laws will be left up to the state, likely
resultant in assets being spread in a manner neither of you would have
required.
So for the above
reason, you need to hire an Elder Law
attorney if you are planning for your second marriage. Hopefully, the
information shared through his post regarding estate planning for second
marriage will help you a lot. Happy searching!
Get More Essential Information Through our Previous Blog - Ways of an Elder Law Lawyers Assisted in Living Costs | Elder Law | Amsberry Law Firm
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