Getting married after a previous divorce or the death of a spouse can be an event that provides a breath of fresh air and feeling of great hope to people. It is important, however, for people in this position to not overlook some of the important logistics involved in blending two families. Estate planning is one of the things that can be more complex in a remarriage, especially if one or both spouses brings children and grandchildren into the family.
Older couples, more assets
CNBC points out that people who get remarried in their 50s or later may well have more assets individually than would someone getting married in their 20s or even 30s. From homes to retirement accounts and more, what happens to these assets after one spouse dies should be addressed early on to avoid unpleasant conflicts down the road.
With a first marriage, one person may be able to feel secure that any assets left to a surviving spouse will eventually flow to the couple’s shared children. In a remarriage, however, that may not necessarily happen without explicit instructions indicating what should happen. One of the factors that can make this difficult is the comingling of assets as that makes it harder to discern what truly belonged to each spouse.
Planning for multiple scenarios
Forbes adds that remarrying partners should make an estate plan that accommodates multiple options in the future, including the option that their surviving spouse gets remarried yet again. There are different types of trusts available to help people create the estate plan that works for their assets and family needs.