CI Assante Wealth Management
October 10th, 2024
In a typical estate plan, each spouse leaves their assets to the other. When the second spouse passes away, assets are distributed to their children.
But what happens to your estate plan if you remarry? And what if you have children from a prior marriage? A new family calls for a new estate plan!
When you remarry, you’ll update your will and beneficiary designations—and you may change your estate plan to provide for your children upon your passing. In a blended family where both spouses bring children to the marriage, each spouse may revise their estate plan in this way.
Marriage contracts can serve a variety of purposes, including meeting the unique needs of a second marriage.
Each spouse can protect their assets, provide for their partner and specify which assets will be left to their children. The inheritance for your children is safeguarded as the terms of the marriage contract take precedence over any future changes to either spouse’s will.
Deciding how you’ll ensure assets are distributed to your children begins with determining which method or methods you and your spouse can agree to. For example, one spouse may be open to a marriage contract, while the other may be against it. Once you’ve selected a particular approach, share your thoughts about why you made that choice. In a marriage, it’s beneficial for spouses to be transparent about financial decisions.
