When you are able to find love again after a prior divorce or after the loss of a spouse to death, you have many reasons to feel hopeful about your future. If you and your new partner are discussing formalizing your relationship by getting married, you may be wise to include estate planning among the topics you review together. Blended families can be very positive and healthy, but it is important to understand that providing for a new spouse and for one’s children from a prior marriage may take some compromising and balancing.
As explained by CNBC, a basic will may not give you the flexibility you need in your estate plan to adequately ensure your children will receive the inheritance you want them to have while also making sure your spouse, should they outlive you, is well cared for after you die. There are different types of trusts that you may want to learn about that may offer you the ability to provide for all parties as you wish.
When making an estate plan with a new spouse, you should also review any obligations you have to your former spouse such as the requirement to name them as a life insurance beneficiary. All plan beneficiaries should be updated along with creating a trust or a will.
If you would like to learn more about the types of estate planning tools that may best fit the needs of your newly blended family, please feel free to visit the remarried couple’s guide to estate planning page on our Texas marital property planning website.