We have all heard the statistic that approximately half of marriages end in divorce. However, the majority of second and third marriages do not last and this is something to consider when you are planning your estate.
When you decide to remarry, it is a good idea to obtain legal advice.
Many people who enter into second or third marriages have been able to accumulate significant financial resources. You are taking quite a leap of faith if you do not enter into a prenuptial agreement before remarrying as someone who has been successful throughout your life.
In most cases, one or both of the people entering into the marriage will have children from previous marriages.
Let’s say that you really don’t care about yourself because you are certain your marriage will last. If you were to simply allow your new spouse to share ownership of the resources that you are bringing into the marriage, you may be placing your children’s future in jeopardy.
While you may trust your significant other implicitly, the reality is that you have no way of knowing what will take place after your passing. People do get remarried, and those who reach an advanced age sometimes make decisions that are not entirely sound.
There are things that you can do to protect all the people that you love, such as the creation of a qualified terminable interest property trust. This type of trust provides income to the surviving spouse without allowing this individual to decide who inherits the principal.
If you create such a trust and make your children the beneficiaries, you can be certain that your children are provided for after the passing of the husband or wife that you left behind.
The suggestion here is to always seek legal counsel when important life events take place such as a change in marital status.