Yes. We have seen many adults go through separations and it is painful. Some have been married for over 15, 20 years with assets that have accumulated over the years. Many a time one spouse has no idea where all the assets are and going through the process of investigating and protecting what belongs to you can be very painful. This is however an important task to ensure you do get what belongs to you upon the death of your ex spouse. It gets even more complex if there are children involved. All initial consultations are complimentary at the Velasco Law Group, make an appointment right HERE
Firstly congratulations if you are forming a new union. Living together or being married is a huge step and often is a happy time for everyone. However legally there are matters for consideration. Consider reviewing your entire estate plan for the both of you. There are also new laws about heterosexual couples living together in California, if you aren’t sure read about it HERE.
Blended families, also called stepfamilies or remarriage families, are becoming an increasingly common modern family structure. Two-parent households are on the decline in the United States as divorce, remarriage and cohabitation are on the rise. Today, studies have found that 62% of children live with two married parents – which depicts an all-time low. At least 15% are living with parents in a remarriage and 7% are living with parents who are cohabiting.[i] Family life is changing on a national scale, but when these changes happen at a personal level, it’s important that your estate planning reflects these new family dynamics.
Second Marriages
So while getting married for a second time is fairly common, the financial and estate planning issues that result from remarriage can be anything but simple. In second marriages the complications and challenges created by blended families multiply. Something as seemingly simple as inheritance can be unclear if not prepared for properly. For example, if you pre-decease your new spouse, and you own assets jointly, you may unintentionally disinherit children from a prior marriage. In this example your new spouse could get final say over who inherits jointly-owned assets. This is why it’s important to update a trust when your family dynamic shifts. Multiple marriage situations require extra attention to ensure that the intent of each spouse is effectuated, particularly when one or both spouses have children from outside the marriage.
The older you are when you remarry, the more likely it is that you’re bringing larger assets into the marriage — retirement savings, life insurance policies, brokerage accounts, real estate and the like. There often can be family heirlooms or other belongings you might want to ensure end up with your children. This is why especially in remarriages, a conversation about estate planning is absolutely critical. For some, it can be emotional and hard to talk about, but it’s key to ensuring your assets are divided up the way you want.
Why Estate Planning with Velasco Law Group?
The attorneys at Velasco Law Group can help avoid family conflict by ensuring your wishes are clearly and legally prepared. If you created your estate plan prior to your second marriage, make sure you revise that plan with your new family. Whatever estate plan you had in place beforehand, most surely will not carry out your new intentions. Equally disastrous could be passing away without any estate planning in place. In that circumstance, the courts in your state will decide who gets what. That process is public and often messy if would-be heirs have competing priorities and conflicting notions of what is rightfully theirs.
While every situation is different and some can be more
complex than others, there are some general things everyone will want to
consider when contemplating how to make sure your heirs end up with the assets
you want them to, including updating account beneficiaries, power of attorney,
your will, and trusts. These are all issues the experts at Velasco Law Group help
you navigate. There
are many ways to lessen the potential for estate
problems amongst blended families, let us help.
Creating or updating an estate plan is not something that
should be put off; the process can help ensure that your assets end up where
you want, and your wishes are carried out. Don’t wait, contact the lawyers at
Velasco Law Group now to help you navigate and plan for all your loved ones.
[i] https://www.pewsocialtrends.org/2015/12/17/1-the-american-family-today/#fn-21212-4
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