If you have been divorced or widowed and found a new partner, you certainly have many reasons to be happy about your future. Many people in Texas are able to move forward with a new marriage and create the life they have long dreamed of. However, before you walk down the aisle and say, “I do” yet again, you should make sure that your long-term plans are in order. A good estate plan is a must for remarried spouses, especially when one or both partners has children from their prior marriages.
Forbes explains that in lieu of a will or trust that clearly outlines what you might want your children or grandchildren to inherit, everything might go to your spouse if you die first. Regardless of what verbal agreements the two of you have made, your spouse could make different decisions once you have passed away. Many things could factor into this happening and you would not be able to predict these nor prevent their decisions.
Similarly, if you want to provide for your surviving spouse as well as for your children, you may find that certain types of trusts give you the flexibility you seek. Updating your beneficiaries is another important aspect of estate planning that you should engage in.
If you would like to learn more about the benefits to you and your family of having a good estate plan in place before you get married for the second or subsequent time, please feel free to visit the blended family estate planning page of our Texas wills, trusts and probate website.