Many people in Ohio today are getting married for the second, third or subsequent time. These new marriages result in the blending of families on both sides and bring the opportunity for a happy future to all involved. A remarriage, however, may pose unique issues when it comes to estate planning. This is a topic that partners should address openly and early on in their marriage.
Wills alone not enough for blended families
Forbes explains that most remarried couples may not be able to rely on a standard will only for their estate planning needs. If even one person has children from a prior relationship, that dramatically changes the nature of their wishes. Most people with kids want to leave some assets to their children and grandchildren. They also wish to provide for their surviving spouse should they die first.
Detailed trusts help all parties
There are some special forms of trusts that allow a person to identify some assets to flow directly to their spouse while retaining other assets for their children. Relying on the good wishes of a surviving spouse to pass things on to one’s children may not be wise as there is no way to ensure this will happen. Each spouse must also be aware of the fact that the other partner may remarry again after they die and that could change many things.
If you would like to learn more about how to balance your estate plans to provide for your children, grandchildren and new spouse effectively, please feel free to visit the remarried person’s asset management page on our Ohio estate planning website.
