If you and your romantic partner are considering saying “I do” to each other after one or both of you have been married before, there are many different conversations you should have when discussing how to blend your lives and families. Among the topics to include in these discussions is your estate plan.
Providing for multiple parties after death
CNBC explains that while it is logical for you to want to provide for your surviving spouse after you die, it is equally logical that you may want to leave assets to your children or grandchildren. When you get remarried, you will want to carefully evaluate what assets you and your new spouse comingle and which assets you retain as separate property. This will be one important factor in helping you direct assets to the right party after you die.
Homes, health care and more
Even if you wish your home to eventually go to your adult children, you may want to allow your spouse to live in the home after your death. You may also want to set aside some assets to provide medical care for your spouse should they need it. Special types of trusts may enable you to do these things while protecting some assets directly for your kids, grandkids or other beneficiaries.
If you would like to learn more about how you and your new spouse may create estate plans that appropriately reflect your wishes for each other and for your separate families, please feel free to visit the remarried couple’s asset protection page of our Florida estate planning website.