People who remarry later in life often forget or overlook things when considering estate planning. If you or your spouse has children or other heirs from previous relationships, it is crucial to consider the small details along with the big ones.
Consider Your Whole Estate
You and your new spouse might have valuable items that you each want to pass on to your respective children. People often account for the larger parts of an estate while forgetting personal belongings. Remember all those small trinkets and personal items that you promised to your kids and other relatives? If you don’t account for who receives those things in your will, then all those family heirlooms with little monetary value but sentimental worth will likely pass automatically to your new spouse.
You Can’t Predict Emotions
You might think that your spouse will be reasonable and give your kids what they were promised when you pass away, and this would probably be the case under normal circumstances. However, this may not be what happens when everyone is grieving your loss and emotional. If there is no proof of your wishes, your spouse has no way of knowing if you really promised something to someone. In some cases, many family members appear and all claim that they were gifted various items. Plus, your spouse could be reluctant to give away items as they also want to hold onto the things you treasured.
Those who remarry can avoid fighting and headaches when benefactors think about even the small items that are part of an estate. You can also contact us for help when drafting or editing a will.