It is a good idea to develop a long-term working relationship with your inheritance planning attorney because it is very likely that your plan is going to need adjustments along the way.
There are various things that can happen within the life of an individual that make an estate plan alteration necessary. Significant changes in financial standing and additions and subtractions to the family are life-changing events that can render your existing estate plan obsolete.
Another thing that can take place in your life that will be relevant to your estate planning efforts is a change in marital status. When you get married you are going to want to make adjustments, and if you were to get divorced once again a visit to your estate planning lawyer is going to be necessary.
There are also a number of things to take into consideration if you decide to remarry. If you are bringing significant resources into the marriage a prenuptial agreement may be a good idea.
It is important to understand the fact that the majority of second and third marriages do not last. While you may well defy the odds this is certainly an eye-catching statistic.
Children from previous marriages should be considered as well. It is a sensitive subject, but the truth is that there are no guarantees regarding the actions of your surviving spouse once you pass away.
You can take steps to provide for everyone concerned if you explain your wishes to your attorney. One course of action that many people choose is the creation of a qualified terminable interest property trust.
With these trusts the surviving spouse receives income throughout his or her life, but the children of the grantor inherit the principal after the death of the spouse.