When you decide that you would like to get remarried, as a parent you have a somewhat delicate situation on your hands. You logically do not expect the union to end in divorce, but well over half of second marriages do not last. Third marriages are more likely to end in divorce than second marriages, so you have to consider the odds if you want to be pragmatic.
And of course, there is also the possibility that you may predecease your spouse. If you don’t take the proper steps, there is no way to guarantee that your surviving spouse would take care of your children in the manner that you would see fit.
With the above in mind, you may want to consider entering into a prenuptial agreement before getting remarried. Once your personal resources have been defined, you could then fund a qualified terminable interest property trust for the benefit of your spouse.
Your spouse would receive distributions from the trust throughout his or her life after your passing, however, he or she would have no control over who inherits the remaining resources after his or her death. You choose the ultimate beneficiaries when you draw up the trust agreement, and if you are a parent the beneficiaries would presumably be your children.
If you would like to discuss this type of situation with an expert, don’t hesitate to pick up the phone to arrange for a consultation with a highly qualified Saratoga CA estate planning attorney. Your lawyer will gain an understanding of your family dynamic, listen as you explain your intentions, and do what it takes from a legal perspective to see that your wishes are carried out.
Latest posts by Litherland, Kennedy & Associates, APC, Attorneys at Law (see all)
- Litherland, Kennedy & Associates Law Firm Team Joins 2019 Walk to End Alzheimer’s - August 19, 2019
- American Academy Awards Fellow Designation to Justin M. Kennedy – Kennedy Recognized for Outstanding Achievement in Experience and Service - August 16, 2019
- Clarity is Key to Planning - August 14, 2019