Specific blended family estate planning concerns

On Behalf of | Nov 19, 2017 | Estate Planning, Firm News |

If you are one of the many people in Florida looking to get married for a second or even third time, you will likely have different things to take care of before you say, “I do”. One of these is updating your estate plan. The choices you make when deciding how you want your assets handled after you die are quite possibly different now than they were when you got married for the first time, especially if either you or your future new spouse has children from prior marriages.

Forbes explains that you and your partner should have frank conversations about your long-term asset planning before you get married. You will want to identify your goals properly and from there select the estate planning tools that best help you achieve those goals. For example, if you want to allow your new spouse to be financially cared for if you die first but you still want to ensure that your children receive something from your estate, you may want to investigate setting up an irrevocable life insurance trust.

You may also want to discuss provisions in a trust or will to accommodate spendthrift relatives as well as long-term care planning for yourself and your spouse. A will can be a good complement to a trust to help outline your wishes for non-titled assets.

If you would like to learn more about the variety of tools available to you when evaluating your estate planning options before getting remarried, please feel free to visit the asset protection page of our Florida estate planning website.