Statistics show that 17% of individuals who dissolve their first marriage later remarry. The remarriage rate is higher among adults 55 years and older, but the young do marry a second time, too. Estate planning is important for everyone in New Hampshire and around the country. It becomes vital for those who are entering a second marriage and have at least one child from their previous marriage. Here are some things to consider.
Importance of estate planning
Individuals who make at least $100,000 a year and own a home have more assets that they need to protect, especially if they plan to pass them on to their children. If the worst happens to you at an unexpected moment and there is no plan, the courts will decide how to split your assets. This is not ideal because it could cause animosity among your surviving family members, including those from your first and second marriage.
Have a conversation with your new partner
As you prepare to enter your second marriage, you are encouraged to touch on the subject of estate planning. If you are in your 30s and have at least one child from your previous marriage, your expectation to pass assets earned during the first marriage is sound. The assets you earn during your second marriage are a different story. In order to keep your second marriage healthy, addressing tough financial issues early is a great way to keep the air clear.
Get the beneficiary right
When an individual leaves behind a will and a sizable amount of assets, the will may still be contested in court. By developing an estate plan and leaving clear instructions, the assets are more likely to go where you intend. There are several options like trusts to include in an estate plan.
Even if you are in your 30s, planning your estate before you enter into a second marriage is sound fiscal sense, particularly if you engage in risk-related activities such as riding a motorcycle. A solid plan is how you help your family from both marriages honor your memory once you have passed away.