If you have had an estate plan in place for some time, you may feel that you have done a good job at being proactive and getting your affairs in order. While this is true, it is also important to remember that even the best estate plan should be reviewed from time to time to ensure it properly reflects changes in your life. One change that necessitates a review of your plan is a remarriage.
New marriage may bring competing interests
Forbes explains that no matter how well a new spouse gets along with a person’s children, tensions can rise when the two parties need to split a deceased person’s assets. A surviving spouse may feel the need to protect their interests, including having a place to live. Adult children or grandchildren may feel entitled to their parent’s or grandparent’s special belongings or other assets.
Evaluate different estate planning tools
For most spouses in a blended family, creating a will alone may not sufficiently provide for the various parties they wish to take care of. Different types of trusts may do a better job of allocating assets to a surviving spouse and to one’s children without opening the door for one to be inadvertently left out by the other.
If you would like to learn more about what tools are available to you when you need to create an estate plan to accommodate a new marriage and family as well as your children from a prior marriage, please feel free to visit the blended family page of our Illinois estate planning website.