Whether you have been divorced or widowed, if you now find yourself happily connected with a new partner, you may well be considering getting remarried. While certainly remarriages are no longer uncommon in Florida and they can definitely be extremely happy and fulfilling, they can also come with some unique issues to address. Among these issues is proper estate planning, especially if one or both partners has children and possibly even grandchildren already.
As explained by CNBC, barring any estate plans in place, when a married person dies it is that person’s spouse who generally inherits any assets or estate that is left. In the case of a remarried couple with kids from prior relationships, each spouse may want to ensure that all or at least select assets will go directly to their children or grandchildren. Instead of leaving these items up to chance and the goodwill of those who outlive a person, documenting these wishes is wise.
One option you may want to consider is the qualified terminable interest property trust, also called a QTIP trust. Among this trust’s uses and benefits are the ability to have assets bypass a surviving spouse and instead be inherited by other family members such as children or grandchildren.
If you would like to learn more about the importance of proper estate planning when considering a new marriage when at least one person has been married before, please feel free to visit the blended family asset planning page of our Florida estate planning website.