These days, it is common for a person to have children from more than one marriage. While there is certainly nothing wrong with this, it can present some practical estate planning difficulties that should be addressed proactively to avoid leaving your loved ones an inheritance of conflict when you pass away.
One of the primary issues that multiple marriages presents is the possibility that a will you wrote prior to your second (or third, or fourth) marriage may no longer be valid. Remarrying after creating a will can invalidate the will.
Let’s say that you have two children, an ex-wife and a current wife. Your child from your first marriage is now in college, but your child from your current marriage is about 8 or 9. If you do not have a valid will that was created after your second marriage, then your child from your first marriage may not be given a fair share of your estate if you pass away.
Among other reasons, this is because the second marriage may revoke your previously created will in some circumstances, and the law will consider the care and support of your current wife and underage child your primary legal responsibility if you pass away. Because of the way that the law views your family, the older child may not be apportioned much or any of your estate in the absence of a proper will.
If you have questions about how to make sure that your wishes are followed after you pass away, enlist the guidance of an experienced attorney who understands how to help you protect the rights of the ones you love.
Source: Money Sense, “How can I be fair to all four kids in my will?,” Ed Oklovich, accessed Feb. 14, 2017