How to include children from prior marriages in a will?

When remarrying, it is a time to celebrate and be joyous of a new chapter in your life with a new family. However, most people do not think about estate planning during times of celebration. Having a blended family may make room for some unexpected challenges as you may want both families to take part in your estate plan. In the case that you have children from a previous marriage that you want in your estate plan, it may seem confusing and overwhelming to tackle. 

If possible, you can leave your assets to your newly married spouse and hope that they will divide your assets among all your children. However, it is also possible that your spouse will not respect your wish. Before getting remarried, it is important to review or redo your estate plan. By doing so, it can clear up any possible future confusions.

• Take Inventory of your Assets

• • With your new spouse, you can take an inventory of your assets and debts. This can include your retirement plans and insurance policies. By being fully honest and open, you will allow your family to have better conversation and no possible hard feelings. 

• Decide Where You Want your Assets To Go To

• • You can decide with your new spouse if you want to combine your assets or not before you get married again. By doing so, it can be clear to everyone on where the assets are going to and who it is going to.

• Decide on what option you would like to secure your children’s inheritance

• • There are multiple options to ensure that your children will get their designated share of inheritance: 
    • Creating a trust specifically for your children 
      • This allows you children to have exclusive and specific rights to hold and manage whatever benefits they will get from you. 
    • Making your children beneficiaries of life insurance policies
      • Life insurance payouts will go to those who are listed as your beneficiaries when you pass away so that gives them a portion of the money. 
    • Giving your children joint ownership of property 
      • By doing this, your children will be able to have full ownership after you pass away- which also secures their portion of their share of your assets.

In a perfect world, you can simply leave your assets to your newlywed spouse but as always, the options for assuring your children allows for certainty. A mutual understanding between you and your new spouse will make it easier for the future and your marriage. It is important to talk about estate planning with your family. If you or a loved one wants more information about estate planning, contact the Law Office of Inna Fershteyn at (718) 333-2395.