Your first marriage didn’t work out. Your new spouse’s first marriage didn’t work out either. But now you have found each other. You’re married – you’re happy – and everything is looking great.
Have you stopped to think about what happens to each of you when one of you passes away or becomes incapacitated? Not the most welcome thought, but estate planning is a critical consideration for a blended marriage.
It’s important to consider how you each want to leave the other if the worst should happen.
Are you sharing a house that belongs to only one of you? Do you want your new spouse to have a place to live when you’re gone?
If only one of you is on title to your house; then, if you fail to create a proper estate plan, the other spouse may be forced out when the owner passes away. This can leave the survivor with nowhere to live – that spouse may be forced out within a short time after you are gone.
Are you sharing a house that you bought together? Have you thought about what will happen to that house when you pass away? If you don’t get around to creating a proper estate plan between the two of you, the share of the house that belongs to the first of you to pass may go partially to that partner’s children. Will those children be willing to voluntarily allow the survivor to continue to live there? Or will they want to sell the house and receive their inheritance?
Do you want the house to provide your new spouse with a safe and comfortable place to live out the remainder of their days?
If you really care about your new husband or wife, then you MUST provide for each other in your estate plans. Providing for each other doesn’t mean that you won’t leave anything for your children – It may just mean that you are delaying your children’s inheritance for a few years to provide your spouse a place to live.
If you each want to protect the other – and protect your children as well – then come and see us for an in-depth estate planning consultation. We can help you build a plan that will allow you to each provide for the other while still ensuring that your children will receive an inheritance.
