An Estate Plan for 2nd Marriages & Blended Families
A common estate plan for a first time married couple with children does not work for 2nd marriages when both spouses have children from the previous marriage. The estate plan for a first time married couple with children can look something like this: the surviving spouse gets everything, and when the surviving spouse dies, then everything to their children in equal shares. However, if you use this type of estate plan with a 2nd marriage and each spouse has children from a previous marriage, this could happen:
- Your Children Get Nothing & Someone Else’s Children Get Everything. You’re married for the second time. You both have children from a previous marriage. You want to make sure if you die first, that your spouse is taken care of, but once your spouse dies, the remainder of what you own goes to your children in equal shares. Spouse has the same Will. However, you die first. Everything goes to your spouse. Spouse changes the Will and doesn’t leave anything to your children, and instead leaves what you own to children from a previous marriage.
- A Revocable Living Trust that Turns into an Asset Protection Trust for Second Marriages and Blended Families. Instead of using a simple Will for first-time married couples which risks what you own going to someone else’s children, it’s better to have a revocable living trust that turns into an asset protection trust once you die. A revocable living trust that turns into an asset protection trust has two benefits. First, it will prevent the surviving spouse from leaving everything to children from a previous marriage. Second, once the surviving spouse dies, the money remains in trust for your children and protects your children from their divorced spouses, bad gambling or similar habits, lawsuits, and bankruptcy. This type of estate plan can also work for other nontraditional estate plans like leaving what you own to nieces, nephews, friends or charities.
Want Peace of Mind and a Complete Evaluation of Your Case?
Call (610) 365-4986 NOW or Click HERE to Schedule a Consultation with Chester County Pennsylvania Estate Planning Attorney, Michaelangelo L. Dippolito. Click HERE to see the attorney’s background.
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Get this FREE Book and Consumer Protection Guide, Will, Power of Attorney, Living Will & Trusts in Pennsylvania, A Consumer Protection Guide on What You Need to Know to Protect Your Legal Rights. Here’s Some of What’s in the FREE Book and Consumer Protection Guide:
- Optimal Estate Plan to Protect Your Life Savings and Family Relationships
- Why Your Retirement Plan Should be in a Trust
- An Estate Plan for 2nd Marriages & Blended Families
- 44 Reasons Why You May Need to Update Your Estate Plan
- Annual Review of Your Estate Plan to Make Sure it Works
- Arming Yourself with Knowledge is the First Step to a New Beginning
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Chester County Pennsylvania Estate Planning Attorney with ThePeoplesLawFirm.com
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