Being married two or three times is becoming a more popular phenomenon than it ever was in the past. This can present unique challenges when it comes to estate planning, however. One of the biggest issues for any blended family and this new spouses, is to consider how assets will be preserved and protected for children from a previous marriage while also taking care of any financial commitment to the new spouse. Thinking about these critical issues can help you approach estate planning for a blended family appropriately:
- Who will be in charge of the money?
- How your new spouse and existing family will relate to one another after you pass away, if at all?
- What are your goals for your assets?
Updating estate planning documents is something that should most certainly be done when you’re getting remarried. First of all, you may wish to name your new spouse as your executor agent or a trustee. The disposition of any assets, however, can become very complex when there are children from previous marriages.
You also want to review all of your assets and determine whether or not it makes more sense to hold them individually or jointly. If your new spouse moves into the house, you’ll also need to consider whether or not you want to add his or her name to the mortgage and the deed. Finally, one of the most complicated aspects of getting remarried and taking care of children from a previous marriage is determining whether or not you want to bequeath certain items to your children. Finally, want to clarify who is to receive these benefits in your will. Using the term ‘children’ can be extremely vague and can lead to confusion and frustration after you pass away. To learn more about this process and how to best protect yourself and your loved ones, contact an Ohio estate planning attorney today.