{"id":841,"date":"2017-10-30T19:36:56","date_gmt":"2017-10-30T19:36:56","guid":{"rendered":"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/?page_id=841"},"modified":"2022-08-24T21:16:42","modified_gmt":"2022-08-24T21:16:42","slug":"wills-second-marriages-children","status":"publish","type":"post","link":"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/blog\/wills-second-marriages-children\/","title":{"rendered":"Wills For Second Marriages With Children"},"content":{"rendered":"
A second marriage can be a wonderful event, but when the union involves spouses with children from a previous marriage, merging finances can be tricky. The value of each spouse\u2019s assets is rarely equal, and while the commitment to each other is unquestionable, the commitment to financially provide for step-children after a spouse\u2019s death is often cause for concern. Balancing the desire to provide for your new spouse without jeopardizing your children\u2019s inheritance, and while providing for your new spouse\u2019s children, can be a challenge.<\/p>\n
Before you sit down with an estate planning professional to find a solution, start by having a candid conversation with your new spouse. It may be awkward and uncomfortable, but being on the same page is essential. Try to address questions such as:<\/p>\n
Once you are both on the same page and have outlined your goals, create an estate plan with the help of a professional. Any assets that are intended for your children should be retained individually, while assets intended to provide for your spouse can be transferred to joint ownership accounts. Accounts and property designated as joint tenancy with right of survivorship will seamlessly pass to your spouse when you die; individual accounts with transfer-on-death (TOD) or payable-on-death (POD) designations will pass to the beneficiaries listed on the account.<\/p>\n
A will<\/a> is an integral part of the estate planning process, and is especially important regarding second marriages with existing children. The will, or testament, is the document that formalizes and legalizes your estate plans. Without it, your estate will be subject to probate<\/a> when you die, and your estate will be distributed according to the state\u2019s intestate succession<\/a> laws\u2014regardless of your final wishes.<\/p>\n The simplest solution involves drafting mirroring wills, known as mutual wills. Each will offers identical instructions, usually transferring all assets to the surviving spouse, and ultimately to your children. Regardless of which spouse dies first, the process will be the same.<\/p>\n The challenge with mutual wills is that they rely entirely on faith. When the first spouse passes away, the surviving spouse can amend their will, effectively disinheriting the former spouse\u2019s children. Even if your will expressly forbids this, once you transfer your assets to your spouse and your estate is closed, you lose the ability to direct the assets. It will be entirely up to your spouse to honor your request.<\/p>\n Many people have no problem with this and ultimately decide that mutual wills are the best solution to provide for their spouse and children. However, for those who are uncomfortable and require additional certainty, a trust is a viable option.<\/p>\nUse a mutual will to direct your estate<\/h2>\n
Use a Trust to Protect Your Children\u2019s Inheritance<\/h2>\n