Parents Who Remarry Should Update Their Estate Plans
If you have children from a previous marriage and you are remarrying, you are well-advised to consider implementing a prenuptial agreement and updating your estate plan. If you have already remarried, updating your estate plan is vital to protecting your children's financial futures. A second marriage can seriously complicate or derail your children’s inheritance, but consulting with an experienced Central Texas family law attorney will help.
Considering a Prenuptial Agreement
While you naturally are not entering into a second marriage with the intention of getting a divorce, second marriages can seriously complicate the issue of your children’s inheritance, but a prenuptial agreement can help pave the way for your children to inherit what you intend for them to inherit when the time comes. In other words, with a second marriage, a prenuptial agreement becomes even more important. While having a conversation with your intended about a prenuptial agreement is likely not something you look forward to, it can be a significant step in safeguarding your children’s inheritance.
Remarriage and Estate Planning
Estate planning is another topic many couples do not want to dwell on, but it is another important topic – especially if you are entering into a second marriage with children from a previous marriage. If you have no will, your estate will be considered intestate upon your death, and in Texas, this means your surviving spouse will receive half of your estate and your children will receive the other half. By planning your estate in advance, you help ensure that your children are not accidentally cheated out of the inheritance you intend for them.
Inheritance Is Often Complicated
When considering your estate plan, pay close attention to the details. It is not only those assets with high financial value that matter. With the loss of a loved one, family heirlooms and items with sentimental value can be of special importance. Additionally, when a loved one dies, emotions are bound to run high, and sometimes the division of these emotionally charged items can be the most difficult of all. By including them in your will – or by gifting them earlier – you can help bypass some of the hot-button issues that can surround the division of one’s personal effects.