Second marriages bring exciting new beginnings, but also new estate planning challenges. If you have children from a prior relationship, joint assets, or different financial goals from your new spouse, you need a plan that protects everyone involved. Without clear, legally binding estate planning documents, your biological children’s inheritances may be at risk, or your surviving spouse could face unnecessary hardship.
The New Hampshire trust, estate, and guardianship attorneys at Shaheen & Gordon can help you navigate these complexities and develop a plan that supports your long-term goals.
Balancing family interests and financial security
While discussing estate planning for second marriages, keep in mind that it involves more than drafting a will. It’s about finding a balance between protecting your children and caring for your new spouse. For couples who share minor children or have adult children from previous relationships, this balance can quickly get complicated. Without thoughtful planning, state laws could override your wishes, especially if one spouse dies unexpectedly.
A skilled estate planning attorney can help you navigate these challenges and create a plan that reflects your family structure and values.
Use trusts to protect your children and your spouse
One effective way to ensure your children and spouse are both protected is through a Qualified Terminable Interest Property (QTIP) trust. A QTIP trust allows income from the trust to go to your surviving spouse during their lifetime, with the remaining principal passing to your children after your spouse dies. This structure protects your children’s inheritance and prevents unintended disinheritance.
QTIP trusts can be a smart option when one spouse has significantly more wealth, or when there are concerns about long-term care expenses and asset protection.
Don’t forget retirement accounts and beneficiary designations
Retirement accounts, life insurance policies, and bank accounts with designated beneficiaries pass outside of your will. If you haven’t updated these designations, your ex-spouse could still be listed. That’s why reviewing all beneficiary forms is a critical part of estate planning in second marriages. Your estate plan should reflect your current wishes and align with your financial accounts to prevent any unexpected surprises.
Prenuptial agreements and second marriages
Prenuptial agreements are a useful tool for estate planning. They can clarify which assets are considered separate property, how certain accounts or real estate will be handled if a spouse dies, and what happens to individual inheritances. They also help prevent conflicts between surviving spouses and adult children over the distribution of assets.
Consider taxes, long-term care, and durable powers of attorney
Second marriage estate planning should also account for potential estate taxes, long-term care costs, and incapacity. A durable power of attorney and healthcare directive ensure that someone you trust can manage your finances and medical decisions if you become unable to do so.
Life insurance can also be a useful tool to provide for your surviving spouse or to equalize inheritances among children. For example, you might leave your retirement account to your spouse, but use life insurance to leave funds to your children.
Talk with your family and work with a lawyer
Estate planning doesn’t just happen on paper. Have open conversations with your family members about your goals and expectations. This helps reduce confusion and conflict later on. Every family is unique, and a one-size-fits-all plan won’t cut it, especially in blended families.
An experienced estate planning attorney at Shaheen & Gordon can help you design a plan that fits your life and protects the people you love most.
Protect your future with a customized estate plan
Estate planning for second marriages is about building security and clarity for everyone, including your children, your new spouse, and yourself. With the right documents in place, you can prevent legal headaches and ensure your wishes are carried out.
Ready to protect your assets and your family’s future? Call Shaheen & Gordon at (800) 451-1002 or contact us online for a consultation with a New Hampshire estate planning attorney. We’ll help you create a plan that reflects your priorities and brings peace of mind.
