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Planning for the Protection of Your Children
When it comes to second marriages, having an estate plan is more critical as it can come with a few challenges that would otherwise not be considered in a first marriage. When it comes to protecting minor children and fulfilling your wishes for leaving assets to adult children, it’s vital to understand how the estate planning process works and what should be included. Here’s what you need to know.
What Provisions Should Be Included in My Estate Plan?
You may be considering leaving all your assets and property to your second spouse in the event of your death. While this may be appropriate for a first marriage, it’s not recommended to do so when it comes to second marriages when children from a prior marriage are involved. Leaving your estate solely to your second spouse could mean that your assets may not be distributed to your children or other loved ones as you wish. Once your spouse inherits your assets, they can do as they see fit and have no legal obligation to give anything to your children or loved ones. Here are some estate planning options to consider:
- Will/trust
- A durable power of attorney
- Beneficiary designations
- Letter of intent
- Power of attorney
- Guardianship designations
What Can I Do to Protect My Children’s Inheritance?
Whether you have property, a 401(K), savings accounts, and other assets that you would like to pass on to your children, it’s critical to designate them as beneficiaries. It’s also important to look at your life insurance policies and other investment accounts and update beneficiaries as necessary. When it comes to leaving assets and property to your children after a second marriage, speak to an experienced estate planning attorney to ensure that your estate plan is constructed properly so your wishes are carried out upon your death or incapacitation.
Need Help With an Estate Plan? Contact Owenby Law, P.A.
When you want to protect your family and your future, having a well-executed estate plan can help avoid future headaches. While creating an estate plan can be complicated, having an experienced attorney can help ease your burdens and avoid costly mistakes.
If you are ready to get started on your will or living trust, we are prepared to help. Our experienced Jacksonville estate planning attorneys will guide you through the process and ensure you have all your wishes for you and your family covered.
Contact Owenby Law, P.A. today at (904) 770-3141 to schedule a free initial consultation with our team.