You don’t need to be Elizabeth Taylor to be on your second, third, or even fourth or fifth marriage. If you have had more than one spouse, you have special estate planning needs, especially if you have children with each spouse. If you avoid these issues, it is almost certainly a way to create a less-than-desired result in the event of illness, incapacity, or death. The best way to have a smooth transition upon disability or death is to create a comprehensive strategy before you aren’t here to execute the papers.
Remarriage may result in cordial, but often not close, step relations. Frequently, such people thrown together by marriage simply tolerate each other until the biological parent dies or becomes disabled, or divorce occurs.
On the death of the biological parent, what happens? If proper estate planning isn’t done, the surviving spouse and step-parent has the option to take all that you intended to leave to your biological child.
By working with an estate planning attorney, you can ensure that both your new spouse and your children receive what you want them to. This can be done through either a prenuptial agreement and/or a fully funded trust (new post coming soon regarding “funding”).
Contact our San Jose, Fremont, or Redwood City Estate Planning Attorney. We will be more than happy to help you create the plan that best suits your needs or update the one you currently have.