Sixty-six year old musician Billy Joel married his 34-year-old girlfriend on July 4th.
When someone who has been married before, has children from a previous marriage, and their own assets, they will have to account for the remarriage in their Estate Plan.
They may do a new Living Trust aka Revocable Living Trust. They also may do a Prenuptial Agreement so that both parties to the marriage have an understanding of what the financial obligations are during the marriage or in the event of an unhappy ending to the marriage.
The balancing act in an Estate Plan with a later marriage requires thought. One may want to provide for their new spouse, but also not disinherit their previous children by leaving all of their assets to the new spouse, who then leaves all of their assets to their own children upon passing on, thereby disinheriting your children.
All of this requires thought and calmness in how you want things handled.
At the Law Firm of Steven Andrew Jackson, Attorney and Counsellor at Law, we have helped hundreds of families protect themselves and their loved ones, avoid Estate Taxes and Probate Costs, and keep their Estate Plans current with the law through The Customized Protective Estate Planning Solution™.