People in Delaware who get married for the second, third or subsequent time have every right and reason to feel positive about their futures. However, they should not focus just on the fun aspects of planning a wedding and the logistics of where they will live after married. Attention should be paid to the new couple’s estate planning wishes as well.
As explained by Forbes, blended families need solid estate plans to ensure that one spouse does not inadvertently end up disinheriting their own children. Without any will or trust in place, one person’s assets may automatically flow to their surviving spouse when they die. That spouse would then have the option to pass anything on to the deceased person’s children – or not. Some trusts allow a surviving spouse to receive income from the trust assets while retaining other assets for the decedent’s children after the surviving spouse dies.
Other things that couples should discuss and make part of their estate plan include the responsibility for making medical decisions for each other. Some people prefer to leave this right with each spouse’s adult children. Fidelity Investments adds that if one or both spouses have minor children, the guardianship of those kids be outlined in a plan. The same is true for any children the couple has together.
Remarrying couples should openly discuss their estate planning wishes with each other and even with their adult children. Plans should also be reviewed and updated as life changes occur, such as the birth of a new grandchild or the death of an aging parent.