When you get married, you hope that you stay with your new spouse forever. However, for many people, that does not happen. The reality is that many people are in second or third marriages. If that is you, then you will probably want to make a different estate plan than someone who is in their first marriage, especially if you have children from your first marriage.
An important estate planning goal for people in a second or third marriage is to provide an adequate source of income for their spouse while at the same time making sure that their children from previous marriages receive a fair inheritance. In a first marriage, most people trust that they can leave all of their assets to their spouse and that their spouse will eventually leave those assets to the children. In a second or third marriage, you cannot rely on your spouse leaving the assets to the children of the first marriage.
You do have multiple options to provide for your spouse and for your children of previous marriages. Trusts and life estates can both help you meet your goals. Talk to an experienced estate planning attorney about the best solution for your family.
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