The Importance of Estate Planning for Second Marriages

Our Mooresville attorneys at Daly Mills Estate Planning help our fellow North Carolina residents protect their finances during each stage of their lives.

At times that means pivoting their long-term goals to include a subsequent marriage. This becomes increasingly important when one or both spouses have children from a previous marriage.

Whether our clients are focused on preserving their estates for their children, or if the children are worried the new spouse may exhaust their inheritance, our Iredell County estate planning attorneys can craft a legal strategy that is customized for each family’s unique needs.

With a skilled Mooresville estate planning attorney by your side, you can protect your surviving spouse, beneficiaries, and heirs, and plan for illnesses or disabilities to preserve your estate and avoid disputes and probate after you are gone.

What Types of Estate Planning Documents Should I Create or Revise After a Second Marriage?

If you have existing estate planning documents in place that may have named a previous spouse or other relatives as beneficiaries or primary decision-makers, getting married again may change how you want your estate distributed.

If you do not have an estate plan in place, getting married a second or subsequent time may require you to rethink your plans to protect your future.

In either case, you should partner with a skilled Mooresville estate planning attorney to create or revise a:

• Will, which will dictate where your assets go after death.
• Financial Power of Attorney, which appoints an individual or co-agents who can make financial decisions on your behalf in case you are injured, ill, or incapacitated.
• Healthcare Power of Attorney and Living Will, which appoints an individual or co-agents who can make medical decisions including your physicians, treatment plans, and who may visit you during your care — when you cannot make these decisions on your own.
• Revocable or Irrevocable Trust, which allows one spouse to keep their assets separate from the other spouse’s assets while retaining the right to manage and spend those assets as he or she sees fit, or to allow the children the right to administer the trust independently.

No matter the size of your estate, it is worth protecting. Contact our experienced estate planning attorneys in the Lake Norman area to discuss your unique needs during a free consultation today.

Other Important Details for Estate Planning in Second Marriages with Children

When spouses have children from a previous marriage, their estate planning needs will vary based on the kids’ ages and the family’s unique overall needs.

That is because there is no guarantee that your new spouse will provide for your children if you pass away first.

However, a detailed estate plan goes a long way in avoiding family conflicts when you are no longer able to state your wishes.

Depending on your unique circumstances and assets, you could have several options for providing for children in your estate plan, including:

• Final Funeral Arrangements to help avoid disputes between children from a first marriage and new spouses.
• Naming your children as the beneficiaries of life insurance policies
• Giving your children sole or joint ownership of property
• Make provisions for certain family valuables to be passed on to your children

At Daly Mills Estate Planning, our Mooresville attorneys can help you create a detailed estate plan that leaves nothing open to interpretation when it comes to the division of assets.

Contact Our Skilled Charlotte, NC Estate Planning Attorneys Today

To learn more about how we can help you and your family create a customized estate plan to protect your wishes, call us at 704-286-8437 to schedule an initial consultation with our skilled attorneys in Mooresville, North Carolina at Daly Mills Estate Planning today.