A second marriage can give you a renewed sense of joy and a fresh outlook on life. With all the positive emotions that come with tying the knot again, you will face certain challenges, including how to manage your estate plan. Learning how to provide financial support for a blended family is a learning process, but it is possible with the right help.
You and your spouse are probably bringing different assets into your marriage and may have different goals when it comes to passing on wealth to children or to one another. Keep reading for some tips on how to create a plan to address the unique needs of your family.
1. Have a conversation
Before writing up your estate plan, make sure you talk to your spouse about your objectives. Talk about how you hope to provide for one another and what assets you want to leave for your children. Being upfront is crucial for bringing clarity to this process. By talking out your previous plans and current goals for the future, you and your spouse can begin working together.
2. Together or separate
Once you both discuss your long-term goals, determine what assets will be separate or shared. This may seem daunting for a blended family, but it is a critical step in estate planning. You will have to consider what assets you are bringing in and Tennessee marital property laws. Be sure to review and update beneficiary designations for life insurance policies and retirement accounts.
3. Will or trust
What you decide to give to your spouse and heirs from your current and previous marriage is an important choice. Putting it in writing is essential. Spell out every little detail in your will or trust to avoid potential estate litigation in the future.
These are integral estate planning tips to consider as you marry for the second time. For more guidance, speak to an estate planning lawyer.