Second marriages can frequently result in more complicated estate planning, especially when there are children from a previous marriage.
Nj.com’s recent article entitled “My husband won’t make an estate plan. What can I do?” says that it’s understandable that spouses in a second marriage may have differing goals for their estate planning.
The article provides the following example: Say you’re recently married and have a baby. Your spouse has three children from their first marriage, along with assets and family wealth that should be inherited in the future. Your spouse insisted on a prenup with you forfeiting your rights to the family fortune. You talked about getting life insurance designating you or your child as the beneficiary, but no action has been taken. Now your spouse doesn’t want to talk about a will or make an estate plan.
If you want to make sure there’s a plan in place for your son, what can you do on your own?
In addition, you can buy life insurance policies, naming your child or children as beneficiary. A life insurance policy is considered a non-probate asset. This means that a beneficiary can receive the proceeds from the policy more quickly than if they had to wait for the estate to be settled through a probate court.
With the assistance of an experienced estate planning attorney, you could also have a will drafted—which is recommended whether or not you buy an insurance policy.
A will provides direction for what happens after you die and can distribute your property to your loved ones, name an executor to handle your affairs, name a guardian for your minor child(ren) and state your wishes for your family and friends.
Another thought is to establish a trust to distribute your property. Exploring these options early in your son’s life might make you feel more prepared for the future, and more secure with the circumstances you have in your marriage.
Contact our office today to book a call and begin planning for your future.
Reference: nj.com (March 10, 2022) “My husband won’t make an estate plan. What can I do?”