Second marriages are not at all uncommon these days. In fact, roughly 21% of the couples who made it to the altar in 2022 were on their second marriage.
There’s nothing wrong with finding love again, whatever your age, but those with children from their prior relationships can be understandably cautious about protecting their children’s interests (even if those children are now adults.) If you have amassed a certain amount of wealth and you want to make certain that your children get a fair inheritance if you precede your spouse, it pays to be proactive. Here are some steps to take:
Get an estate plan in place
The most important thing you can do is make certain that your estate plan is coherent, reflective of your goals and fair to both your new spouse and any children you have from your prior marriage. If you die without a will or “intestate,” the state will divide your assets according to a set schedule, and that may not reflect your wishes in any way.
Name beneficiaries
Some of your assets can likely be passed directly to your children without ever being part of your estate. Name your children as the beneficiaries on your life insurance policies, for example, if you want them to have that money. Since those funds bypass probate, you won’t have to worry about challenges to your will.
Use a trust
Trusts are not just for the ultra-rich. They’re excellent wealth-preservation tools, and you can even set them up so that they allow for distributions to both your current spouse and your children. That may help balance both sets of needs or concerns.
A comprehensive estate plan can help you protect your legacy. If you’re worried about your children’s future, learning more about your options can help.