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Why blended families need estate plans

On Behalf of | Oct 23, 2019 | estate planning

If you are like a lot of people in Pennsylvania, you may have experienced the loss of a relationship due either to divorce or the death of a spouse. These events can be very difficult to get past but when you meet a new person who lights up your life, you may think about moving forward more easily. Eventually, you may choose to get married again. This is certainly cause for celebration, but it is also important that you address some very practical matters before you walk down that aisle, especially if you or your new partner have children from prior relationships.

As explained by Fidelity Investments, entering into a second or subsequent marriage without addressing your estate plans could be asking for disaster. With no will or trust in place, it is possible that your entire estate could flow to your spouse if you die first. It would be nice to assume that your spouse would pass things on to your children but there is no way to guarantee that without the proper plans having been documented.

There are many estate planning tools out there that allow you to be confident your children will inherit the assets and heirlooms that you want them to receive while also enabling you to provide for your spouse after your death.

If you would like to learn more about the importance of proactively addressing your estate planning needs with a new partner before you get married again, please feel free to visit the blended family’s guide to financial management page of our Pennsylvania estate planning website.