Second Marriage and My Estate Plan

An estate plan is designed to ensure the right people end up as the beneficiaries of your assets. Even in more traditional families, this can be a difficult task to complete. Should your surviving spouse get the house? If your new spouse is residing in a house in your name, you may want to make sure no other beneficiaries try to force them out after your death. Who gets your financial assets and how can they be divided fairly? What factors should you consider when deciding who needs the money the most? Which beneficiary gets the precious “family” heirlooms? If the new spouse has children, should they be included as beneficiaries or only the biological children of your first marriage? You can see there is a lot to think about and an seasoned estate planning attorney like Dan Hill can guide you to make decisions. Since a second marriage can bring multiple people into a single new family unit, it can also create some conflicting interests regarding asset distribution that can lead to hard conversations and hurt feelings.  Before you create a problem, get with your attorney and discuss your family situation and your hopes as to how you want your loved ones to be protected and benefit from the distribution of your assets and property.