Second marriages are very common today, but they can result in problems with the children when one spouse dies. If you are in a second marriage, and you both have children from prior relationships, you might want to talk to an estate planning lawyer to create a plan that protects your kids. If you do not do this, your kids might lose their inheritances. Here are three tips that can help you protect your kids if you are in a second marriage.
Set Up Beneficiaries on Your Accounts
One option you can choose to protect your kids is by setting up beneficiaries in your accounts. If you have a life insurance plan, you can name your kids as the beneficiaries. If you die, your kids can collect the money from this plan without any interference from your spouse or the court. You might want to state this in your will so that your children know about the life insurance. You can also name your kids as beneficiaries on other accounts you have. With this option, your kids will receive the proceeds from these accounts without any problems.
Use a Trust
Another option you can choose is a trust. A trust is different from a will, and it can also protect children in a blended family. If you set up a trust, you can place your assets in it. The benefit is that your children will automatically receive these assets when you die. Having a trust is a great way to protect them, and you can include this information in your will, too.
Create a Pre or Postnuptial Agreement
One last option to consider is creating a prenuptial or postnuptial agreement. This option is very different from creating a will or trust, but it works for second marriages. If you have an agreement like this, your things get divided accordingly when you or your spouse dies. With a pre or postnuptial agreement, the details of the agreement starts when one person in the marriage dies. Many people use these to protect their children in second marriages.
If you die and do not have the proper will and estate plan, your spouse might inherit everything you own. If they decide to cut your kids out of the will afterward, it can leave them with nothing. If you want to protect your kids, talk to an estate planning lawyer about creating a will that protects everyone involved. Contact a company, such as Wright Law Offices, PLLC, for more information.Share