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Asset planning for remarriages

Posted by Lidia Law Firm, P.C. | May 30, 2018 | 0 Comments

Oklahoma residents who are planning to get married for the second or subsequent time can benefit from stopping to consider their unique estate planning needs and situations. In many remarriages, each partner brings their own biological children and even grandchildren into the family. Even if everyone gets along well, issues may arise when one of the spouses dies. Fidelity Investments recommends that couples have frank conversations with each other and even with their adult children about their future plans for their estates.

In most situations, when a married person dies it is the spouse who is set to inherit any assets if there is no other formal documentation in place. If this happens in a remarriage, the adult children of the deceased spouse may feel neglected and might even pursue action to get what they believe is their family inheritance. A good estate plan may help to avoid these conflicts by spelling out what assets go to different parties.

Forbes explains that the wishes of a spouse may need to balance the desire to provide care and financial support for their surviving spouse along with ensuring that their children receive part of their estate, especially treasured family heirlooms.

In addition to developing clear trusts or wills, it is important to review all beneficiary designations on things like retirement accounts, life insurance policies and more. If a prior marriage ended in divorce and that divorce agreement stipulated some assets pass to the former spouse, this must also be factored into the equation.

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