How do I protect the children of my prior marriage?
Second or third marriages with one or both spouses having children from a prior marriage are increasingly common. How do you assure that the children of your prior marriage receive a portion of your estate when you die?
- Trust your spouse to carry out your wishes at his/her death. There is an element of risk with this approach. What if the relationship between your spouse and your children becomes strained after your death?
- Provide for an outright disposition to your children of a portion of your estate at the time of your death. This will assure that your children receive the assets designated for them immediately after your death.
- Create a spousal trust for a portion of your estate at the time of your death. The terms of the trust will provide that your spouse receives the income from the trust during his/her lifetime, but the entire principal of the trust will pass to your children after your spouse’s death.
- Enter into a pre-nuptial agreement which contractually dictates the disposition of assets owned prior to your marriage.
We would be pleased to meet with you, discuss your specific family and financial circumstances, and develop a plan that appropriately balances the interests of your children and your present spouse.