When you are walking down the aisle on your wedding day you are going to be confident that the union will endure. However, somewhere in the vicinity of half of marriages do in fact fail, and changes in marital status are going to affect your estate plan.
Most people who get divorced after marrying for the first time do tie the knot again at some point in time. If you are getting remarried you have some things to take into consideration with regard to your estate plan, and this is particularly true if you have children as you enter into the marriage.
As stated in the opening, you are clearly going to expect your marriage to last forever on your wedding day. This may well be the case for you, but in fact some six out of every 10 second marriages will not last. This percentage increases to well over 70% when you are talking about third marriages.
When you look at the statistics you can see why it could be prudent to enter into a prenuptial agreement before you remarry. By doing so you are delineating your personal assets for your own protection and that of your children.
The next step could be to establish a qualified terminable interest property trust. With these trusts your spouse would receive income throughout his or her life if you did indeed predecease your husband or wife.
However, you choose the secondary beneficiary when you are creating the trust. If your intention is to provide for your children you would make them the beneficiaries, and your spouse would have no say over who inherits monies remaining in the trust upon his or her death.
If you talk everything over with a good Cleveland estate planning lawyer before you remarry you can be certain that your wishes will be carried out come what may and you can enter into your new marriage with total peace of mind.
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