Are you one of the many Florida residents who has gotten remarried after a previous divorce? Maybe you lost your first spouse and then remarried. Either way, if either you or your children have children from your first marriage, you should make revisiting your estate plans a priority. Why? You now have what could be competing interests in your life for your estate after you die. No matter how well your children and your new spouse get along, things can change when it comes time to divvy up your assets.
The Huffington Post outlines some different options that people in positions such as yours have taken. Trusts are often made use of in situations involving remarriages. You generally should expect to choose one of two courses of action when it comes to how your assets will be used. In one situation, your spouse is to be cared for first and then, upon your spouse’s death, your children will receive any remaining assets. In another situation it could be the reverse with assets going to your children immediately and only some if anything at all going to your spouse eventually. There is no right or wrong, just what is right for your family.
The ages of your children will likely be a factor in determining how you approach your estate plans. For adult children, it can be helpful to include them in the discussions along the way so that everyone knows ahead of time what to expect.
For more information about creating a will or a trust after getting remarried, please visit the blended families page of our Florida estate planning website.