asset protection hearing

Second Marriages and Estate Planning: Ensuring Fairness

Talking Points

asset protection hearingA second chance in marriage comes with joy, fulfillment, and a rare opportunity to start again. But tying the knot a second time presents its own set of challenges, especially when it comes to estate planning. When you have two families with children on both sides, things can get a little tricky come the time you draft your will.

Of course, in the end, the law and fairness are what matters. But how exactly do you establish that? The following can help make the process a little easier.

Talk to an Estate Planning Lawyer

The first way to make estate planning easier and fairer is to consult an attorney who is well-versed in the field. The legal counsel of a lawyer is helpful in complying with what the law requires. For example, all states follow the concept of an elective share, which automatically makes a surviving spouse entitled to 1/3 of an estate or $50,000 – whichever is greater.

Given how a second marriage adds more considerations to the equation, the advice of an attorney is indeed something you would need. You could also ask lawyers to be impartial assessors of your will to ensure your will’s fairness to all parties involved.

Set Everyone’s Expectations

Clarity is effective in establishing fairness in an estate plan that involves two families. It makes sense to start a family conversation about the will. The discussion should cover financial obligations, long-term goals, and guardianship issues – everything that would appear in the will. An attorney could help you initiate this conversation, so as to keep the tone neutral and impartial for everyone.

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Plan Everything

McCullough & Sparks, an asset protection law firm in Utah and California, says it is essential to stay on top of every step of the estate planning process. There are many terms you would have to provide, as well as different things you need to consider. To ensure fairness, it’s only right for you to plan the will meticulously, down to the last detail.

Through these ways, everyone is more familiar with what the will would cover. At the same time, it builds fairness towards all parties involved, which avoids issues in the long run.