Estate planning can become complicated quickly if you are remarried. Here are a few things to consider, from Forbes.
- Your accounts. Oftentimes, one may choose to keep their accounts separate when remarried while having some joint accounts for groceries, utilities, etc. This can be a good thing, as separate accounts can limit the risk of being responsible for another spouse’s debt.
- A trust. Putting assets in a trust can make sure assets go to your children without getting comingled. This can be an especially useful estate planning tool if both spouses have children from previous marriages or if your spouse gets remarried after your death.
- Asset distribution. Another useful tool in mixed families is timing when an inheritance is distributed. For example, if you and your spouse both have children from previous relationships, a trust is a great way to make sure your wishes will be honored.
- The house. You may also wish to consider re-titling your home into your trust. This way, your surviving spouse will be able to use it after your death. In other situations, you may wish for it to be distributed to your family if you pre-decease your spouse.
None of considerations these provide perfect solutions. However, meeting with a qualified elder law attorney and discussing your estate planning goals gives you the ability to craft an estate plan that meets your needs.