Second Marriages

Before getting married, it is important to consider how the wedding will impact a current Houston estate plan. Second marriages often present complicated estate planning issues. This is especially true for those who have children from a previous marriage whom they would like to inherit some or all of their assets. Absent the appropriate precautions, an individual could accidentally disinherit their children altogether. Similarly, individuals may need to take action in order to ensure that their assets are used to care for their future spouse. Whatever the particulars of an individual’s situation, it pays to be prepared with a comprehensive estate plan.

Studies show that many of those who have created comprehensive estate plans have not reviewed their estate plan in quite some time. Before marriage, it is crucial to review and update all estate planning documents to make sure they represent an individual’s current wishes. To begin, those who are soon to be re-married should have a discussion with their future spouse and make sure that both parties are on the same page. Next, go through each estate plan with an experienced estate planning attorney who can translate individual estate planning goals into an appropriate strategy. Common changes may include adding or removing beneficiaries and addressing recently acquired assets.

In addition to these common changes, there are a few other considerations that may need to be made:

Early adult life is simple. You may or may not have children, a car, a lease on an apartment. However, by the time you reach your 50s and 60s, you likely have some decent assets, like retirement accounts, investments, real estate and maybe even a few collectible cars. You’ll want a prenup, before you walk down the aisle again.

A prenup the first time you get married may seem overly protective, unless there’s a big economic difference between the couple. However, after a lifetime of work, building a business or a retirement portfolio, you want to be sure that a second marriage doesn’t create a financial calamity if it fails. A prenuptial agreement lets you go about enjoying your second marriage, says this recent article, “All About Prenups For Second Marriages,” from Forbes.

Here are some of the issue to consider in second (or third) marriages:

Articles Tagged with Second Marriages

Updating a Houston Estate Plan Before a Second Marriage

Second Marriage Pre-Nuptial Agreements