Estate planning for a second marriage

On Behalf of | Dec 4, 2019 | Estate Planning | 0 comments

People in Tennessee who are planning to get married for the second or subsequent time can understandably get so focused on the immediate logistics of how to blend their lives that they may forget to think about other things like their estate plans. However, any person who embarks on a remarriage should make their estate plan a priority.

As explained by CNBC, remarried couples cannot rely on familial relationships to dictate the distribution of their assets when they die. Instead of assets flowing first to a surviving spouse and then to the biological children, the reality in a second marriage may be very different. Without a plan in place, a surviving spouse may receive an estate but there is nothing in place that mandates the biological children of the first spouse to die will ever receive anything.

Before trying to identify who will receive what from a particular estate, Forbes suggests that couples have open dialogues about their individual assets and liabilities. They should carefully consider and determine what they shall comingle and what they may wish to keep as the separate property or liability of one spouse only. These decisions will influence how the plan is created.

Couples should also discuss how they may wish to care for each other after the death of one spouse. Special trusts may help them to do this while also preserving some assets for their children down the road. If one spouse owned a home that the couple will live in, they should clarify in the plan if the surviving spouse will be allowed to stay there.