Estate Planning Updates When Getting Married Again
Hi there, my name is Bridget Mackay. I’m an attorney, I work in Petaluma, California, and I do estate planning, trust, wills, probates, trust administrations. Today, I want to talk about remarriage.
I’ve had a couple of friends recently who had young, early marriages and I’ve seen them both, and they’ve both since remarried, so they’re entering into second marriages. Neither of them had children from the first marriages because that would be something that you would look at if you were remarrying someone who had children and you had children yourself, you would want to get a trust to protect assets for your initial family if something were to happen to you and to take care of your new spouse. Some people may think that if you don’t have children from a prior marriage, this is something you don’t need to do, but they’re wrong.
If you have a prior marriage and you go into a second marriage, chances are you have some assets going into this second marriage, whether it’s a bank account, an investment account, or even real property. In truth, those assets are your separate property going into this marriage, and you want to protect that those stay separate during the marriage, in case something happens, but also that they are taken care… You are able to take care of your new spouse but still protect the integrity of your separate property going into the new relationship.
If you are entering into a second relationship, a second marriage, you should, separately from your spouse, consult an attorney who is knowledgeable in estate planning.