When some people think about marriage images of a fresh-faced childless couple who have never been married before come to mind. However, in reality a very high percentage of marriages do not fit this description. Upwards of half of all marriages end in divorce these days, and more often than not people who get divorced eventually remarry.
In the majority of these cases at least one of the people entering the marriage has children from a previous marriage. This creates a particular estate planning scenario.
It is very likely that you want to provide for your new spouse after you pass away. But at the same time, your children are probably going to be a priority as well.
There are no assurances with regard to how your new spouse will plan his or her estate after you die. So, you may not want to leave everything to your spouse directly with no type of controls in place that protect your children.
One course of action that would be available to you would be the creation of a qualified terminable interest property trust. With these vehicles you provide income for your spouse for the rest of his or her life. But, you name your children as the beneficiaries who will assume ownership of the assets in the trust after the death of your spouse.
The best way to devise a plan for the future as a parent entering into a new union is to sit down and discuss the matter with a professional. Should you be seeking answers, don’t hesitate to pick up the phone and arrange for a consultation with a licensed and experienced central New Jersey estate planning lawyer.