Over the past several decades, many social barriers have been broken down and people are now more open to different types of relationships and family situations. One of these situations is when a couple gets married after one or both partners have been married before. This may happen after the death of a spouse or after a divorce. In either situation, the new marriage can be a source of joy and the start of a positive future.
However, Fidelity Investments cautions people planning a remarriage to use the time before their wedding to not only make party plans but long-term life and estate plans as well. Deciding how to split or share assets and debts after one spouse dies generally becomes more complicated in a second marriage. This is due in large part to the fact that there are often children from the previous marriages involved.
Leaving everything to the surviving spouse is a strategy that may end up inadvertently disinheriting one’s children. A person may expect that after their spouse dies, any remaining assets would go to their children but they may be nothing left to be transferred. It is also possible that a surviving spouse chooses to make a new will that leaves everything to their own biological children.
If you would like to learn more about how a strong will or trust can be an essential element to a successful remarriage, please feel free to visit the estate planning for blended families page of our Louisiana estate planning website.