Wills, Trusts & Estates: Plain and Simple – Estate Planning for the Second Marriage: “Protecting” the Kids
January 15, 2020
What is one of the things that kids from a first marriage worry about when their parent re-marries? The “evil” step-parent getting it all, of course. Many parents struggle with the problem of allevating the fears of their children in this regard. There are steps you can take to ease their minds and your own.
If you enter into a pre-nuptial agreement prior to re-marrying, in which both spouses waive their rights under the law to receive a portion of the other spouse’s estate upon death, you may have already addressed these issues. If you have not, you may wish to consider a postnuptial agreement, providing the same waiver. With this agreement in place, you could leave a significant portion or all of your assets to your children. Even if it’s not possible to obtain such an agreement, there are alternatives to effect your wishes.
Reprinted with permission from Lloyd Harbor Life, January 2020.
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