According to the U.S. Census Bureau, 15 percent of Americans report having been married more than once. Whether you’re remarrying for the first or the fifth time, it’s important to create an estate plan that protects your assets and your loved ones. Here are a few things to consider:
Property
A prenuptial agreement drafted in concert with an estate plan eliminates conflicts between your various asset protection documents. Your prenup and your estate plan can address how real property and personal property will be distributed in the event of a divorce. You can also create a trust that preserves property for children from a prior marriage.
Children
Parents want to protect their kids, even long after they’re grown. You can use a trust to make sure specific assets are distributed to your children and not a former or current spouse. A trust can be especially useful in cases where a parent worries that a child or children are too young or inexperienced to manage their money responsibly. In these situations, the trust can include a “spendthrift” provision that includes requirements for distribution.
Beneficiary Designations
When you remarry, it’s critically important to update your beneficiary designations. Beneficiary designations appear on a variety of documents, including life insurance forms and retirement plans distribution forms. If you fail to update your beneficiary designations, your assets could go to a former spouse, depriving your new spouse or other loved ones of funds.
Minnesota Estate Planning and Probate Law Firm
Call the Minnesota probate and estate planning attorneys at Jeffrey P. Scott & Associates, LLC today our office today to learn more and to discuss your options.
This website has been prepared by Jeffrey P. Scott & Associates, LLC for informational purposes only and does not, and is not intended to, constitute legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice from an attorney licensed in your jurisdiction.
