The older you are when you remarry, the more likely you will bring assets into the marriage. Assets such as retirement savings, life insurance policies, real estate and stocks or bonds. Having a will or trust will help you provide for your children after you are gone. There are ways to ensure that you provide for the children of your first marriage in your estate plan, and ensure you also provide for your new spouse by updating your will.
There may be family heirlooms or property that has been in your family for generations, and you want to make sure it stays this way. Having a will or a trust will help ensure your assets end up where you want them.
Creating a revocable trust is an option to provide for your children. This allows you to manage your property and then when you pass away, transfer it directly to your beneficiaries. Another benefit of a trust is that it does not go through probate court, which says your family time, money and stress. By having a trust, you can ensure your property stays within your family.
But an estate plan includes more than just your will. It may also include
If you have not recently updated any of your estate plan documents, you could be leaving your ex in charge of your end-of-life decisions or all your retirement savings – that could be a scary situation.
Finding a new love and marrying again is terrific, but you want to make sure your wishes are followed and your things go to your children or heirs when you pass away. Working with an experienced estate planning attorney can ensure you provide for your children after you remarry. Your attorney will review all policies and watch for out-of-date beneficiaries or policies that contradict each other, and make sure your wishes are correctly and legally documented.
If you have questions about writing your will, an experienced estate planning lawyer can advise you on the best options for your situation. We understand that you want to ensure the children from your first marriage are taken care of, and we can help with that. To talk to a qualified estate planning attorney in Oak Brook, contact the Estate & Probate Legal Group at 630-864-5835.
We serve Cook, DuPage, Kane, Lake and Will counties.