Four Property Planning Recommendation for Second Marriage – New York Property Planning Lawyer Weblog – Mar 14, 2021

People in second marriages often find it difficult to keep their balance Wellbeing of their spouse with the needs of their children. Deciding which estate planning strategies to use to care for both spouses from second (or additional) marriages and children can be challenging. Hoping to guide you through this situation, this article covers some important aspects of estate planning during a second marriage.

# 1 – Comingling Assets

By the time many people enter into a second or subsequent marriage, they have acquired some assets. As a result, the spouses must decide whether to combine these assets or keep them separate. While individuals who want to ensure that a new spouse receives assets may choose to mix assets, individuals who want to commit assets to children from a previous marriage or relationship may choose to keep assets separate.

# 2 – Update the recipient names

After entering into a second marriage, you should ensure that the beneficiaries’ information on their retirement accounts and life insurance policies are appropriately updated. You should also ensure that estate planning documents are updated after other major life events. Keep in mind that if you do not properly update these documents, a former spouse may receive assets. Keep in mind, however, that if you transfer your retirement assets to your new spouse when your estate is distributed, your children may not receive anything.

# 3 – Medical Power of Attorney and Other Medical Policies

People entering into a second marriage need to make the decision; rather, they want their children or their new spouse to make decisions about the type of medical care they will receive in an emergency. Some people also choose to allow a spouse to make some medical decisions while that person’s children make other medical decisions. Regardless of who you choose to give this to Powers Make sure that both your current spouse and children understand your intentions and that appropriate documents are updated appropriately to reflect your intentions.

# 4 – Homes Owned Before Marriage

If you owned a house prior to your second marriage and your spouse moved into the residence, then you should consider whether you ultimately want that property to be passed on to your children. If you add your spouse to the title of this property, if you die, your spouse will inherit the property and your children will receive nothing.

The title of the house replaces any terms you may have put in your will. Some people choose to keep the house on their behalf, but they also establish a trust that allows a spouse to live in the house until that person dies. If the spouse dies, the property is passed on to the children.

Get help from an estate planning attorney

Estate planning is a challenging process, but an experienced estate planning attorney can help deal with a variety of issues. If you need the assistance of an experienced estate planning attorney, please contact Law firm Ettinger today to schedule a free case assessment.

Comments are closed.