Many studies have been done on the remarriage rates among widows and widowers, and have all pretty much come to the same conclusion: men who lose a spouse tend to remarry much more often than widows.
Statistics show that 60 percent of men and 20 percent of women are either involved in a new relationship or remarried within two years of losing a spouse.
When it comes to estate planning, widowers are usually most interested in protecting an inheritance for their own children and that is when the role of a trust comes into play.
A living trust can hold assets for children and also helps avoid the time and expense of probate. You will be able to specify the age at which you want your children to receive their inheritance, allowing you to make decisions according to each individual child’s needs and circumstances. Creating a revocable living trust for children also protects the inheritance from creditors and even divorce.
This trust can be established at any time and can also be changed if desired. It can be set up so that if the husband dies first, the new wife can stay in the home until she moves or dies. There can be assets earmarked for the surviving spouse, with everything then going to the trust creator’s children upon the new wife’s passing.
If you are considering remarriage, speak with a Florida estate planning attorney, who can assist you with estate planning strategies to protect assets for children as well as your new spouse.
The Estate, Trust & Elder Law Firm, P.L., provides attorney services ranging from estate planning for young families to advanced and crisis long-term care for seniors. Contact us for your initial consultation at one of our conveniently located offices in Fort Pierce, Stuart, Port St. Lucie, Vero Beach, and Okeechobee.