Estate planning can be a complicated process both financially and emotionally, as people often like to avoid talking about the possibility of death. However, the estate planning process can be even more involved for those who have been married more than once. People in Texas may wonder how they will provide for all of the people they love and how they should arrange for their wealth to be transferred without hurting certain heirs’ feelings.
An important first step in estate planning is to write down all of the assets one owns, both minor and major. It would be beneficial for a person’s spouse to do this as well. Both parties may wish to talk about their preferences and discuss who would be best to own these assets upon their deaths, especially if the two individuals have children from previous marriages. It is also important to consider what will happen if one spouse dies first versus if the other spouse passes away first. Couples that have prenuptial agreements in place might have already talked about some of these subjects.
While creating an estate plan, it is important to develop and then revise a will as needed. Regarding wills, it is wise to be very specific concerning which heir will get which assets. Beneficiary designations are also important to update on insurance policies, retirement accounts and investment accounts.
Many options are available for addressing personal assets over the long term through the estate planning process in Texas. Agreement today on how to handle assets in the event of one’s death may prevent legal challenges and family squabbles down the road. Appropriate legal guidance may help people to engage in well-thought-out estate planning to ensure that their wishes and their loved ones’ needs are met.
Source: capegazette.villagesoup.com, “Estate Planning After a Second Marriage Special considerations for a complex situation.“, Oct. 21, 2015