Many people over the age of 55 remarry after their spouse dies or divorces them. According to the Pew Research Center, 67 percent of adults between the ages of 55 and 64 take the plunge again. At the same time, half of people older than 65 remarry. Men are more likely to remarry than women, the research shows.
But while remarriage can be a solution to loneliness, it can cause potential legal nightmares for adult children and other relatives when the husband or wife dies. A joyous wedding that likely brought two families together can divide the new spouse and the children from the first marriage when it comes to the deceased’s estate.
After actor and comedian Robin Williams died in 2014, his third wife and children from an earlier marriage battled in court over his watches, among other things. Williams had an organized estate plan, reports said, but had not included his personal items.
Estate planning attorneys and financial experts agree: If you plan to remarry, update your estate plan first. Lay out who you want to get everything – even mementos or small things you assume people wouldn’t want. Documenting every single asset is important. As long as the will shows the intent of the deceased, the courts are usually accommodating.
Before you remarry, you might consider an airtight prenuptial agreement. Most courts recognize a signed prenup even if the second or third spouse protests it after its creator has died. Most assets and finances in a remarriage shouldn’t be combined, anyway. Lay out that stipulation in your prenup, and don’t break it no matter the circumstances.
Some people choose to establish a QTIP trust as an option to protect adult children. A Qualified Terminable Interest Property trust rolls over the children’s assets into the surviving second spouse’s name so that he or she receives an inheritance. However, when he or she dies, the children from the first marriage are the beneficiaries, and will receive their share. An irrevocable living trust is also ideal because it cannot be changed once it is set up by the person before he or she dies.
There is a lot to consider when it comes to modifying your estate before your remarry. Protect yourself, your new spouse and your children. Contact an experienced estate planning attorney today.
Our experienced and trusted estate planning attorneys have been serving Treasure Coast families for decades, and Michael Fowler is one of only nine attorneys in the state of Florida who is double board-certified in wills trusts and estates and in elder law. Contact us for your initial consultation at one of our conveniently located offices in Fort Pierce, Stuart, Port St. Lucie, Vero Beach, and Okeechobee.