Estate Planning in Second Marriages
As life goes on, certain plans change, and that sentiment is no different when it comes to estate planning. After a second marriage, planning your estate gets more complex, since there may be children from a previous marriage, spousal support stipulations, and other considerations that need to be addressed. The Nashville estate planning attorneys at Martin Heller Potempa & Sheppard have extensive experience preparing the proper instruments to make sure that our clients’ wishes are carried out. If you need legal assistance in an estate planning matter involving a second marriage, contact our office today to find out more about our services.Planning Your Estate After a New Marriage
When more individuals become involved in your life, planning for the future tends to become more complex. Blended families are more and more common, and they may pose a challenge when determining estate plans. Many times, individuals who remarry have children from the previous relationship, and they may have more children in the current relationship. Establishing the appropriate trust or will to ensure that the intended beneficiaries receive the assets that a grantor wishes to bestow is critical to reaching that goal.
A revocable living trust is one option available for estate planning in a second marriage, whereby a grantor remains in control and able to carry out modifications during their lifetime. In this way, a grantor can more easily add or subtract named beneficiaries, including more children or stepchildren with whom relationships develop. The concern with a traditional will, whereby all assets are left to a surviving spouse, is that a second husband or wife may not honor a grantor’s wish to leave an inheritance to a child from a previous marriage. Making specific stipulations regarding asset distribution is one way to address such a concern.
Estate planning in a second marriage also must deal with an individual’s past, especially if assets need to be designated for spousal or child support payments. Having an open and honest conversation with a current spouse regarding these types of obligations is important, and in some instances, executing a prenuptial or postnuptial agreement may solve some of the issues that may arise. Making sure that any appropriate changes are made to an existing power of attorney or living will that gives decision-making power to a former spouse may be necessary as well. Receiving the assistance and advice of a seasoned attorney who can help identify your interests and goals is helpful in ensuring that the proper instruments are utilized.Contact a Nashville Attorney for Your Estate Planning Needs
Being a part of a blended family may make planning for the future more complicated. The Nashville lawyers at Martin Heller Potempa & Sheppard offer a wide array of legal services, ranging from establishing trusts and wills to handling family law matters. Our firm represents people across Williamson and Davidson Counties, including in East Nashville, Hermitage, Franklin, Cool Springs, and Sylvan Park. If you need legal assistance in any kind of estate planning matter, contact us online or call 615-800-7096 to see how we can help. We also can advise people who need a family law attorney to protect their interests in related situations.