What should an estate plan include for a second marriage?

What should an estate plan include for a second marriage?

| Jul 14, 2021 | Firm News |

Most people go into marriage assuming that theirs will last, but there are times when divorce is the best solution. Second marriages are very common, but they bring with them issues related to blending families and estate planning.

If you already had an estate plan in place with a previous spouse, how should you handle the process for a second marriage? In Florida, there are certain things that you should include, especially if you have children from a previous marriage.

Prenuptial agreements

Dealing with a blended family can result in tensions, especially when it involves finances and estates. Most people want to provide for their new spouses as well as any children from prior marriages. An important part of your estate planning should be a prenuptial agreement so that you can avoid some potential problems. While some people view prenups as “unromantic,” those with substantial estates understand that protecting what is theirs and what should go to grown children is essential.

Elective share law

This state law gives a surviving spouse access to 30% of your elective estate should you pass away first. If you have assets that you want your children to have, you need to ensure that you outline them clearly in your estate plan, otherwise, they could get included in the elective estate that your second spouse will receive.

A second marriage can provide a new opportunity for fulfillment and happiness, but it can also bring issues related to estate planning. Being open with your new spouse during estate planning can help ease concerns and keep everyone you love protected.

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