If you’ve found yourself entering your second marriage and you’re a bit older, it’s time to make sure you are making wiser decisions. Second marriages usually present blended families which can be complicated when it comes to Las Vegas estate planning.
Knowing that someday something could happen to you and that your spouse and kids will be forced to work out the details is a horrible idea. After your last divorce, it should be clear that the aftermath of losing someone is complicated if planning ahead wasn’t done. Take care of Las Vegas estate planning now and your new blended family will thank you for it. Here is a look at what you need to know.
Where to begin with Las Vegas estate planning
Start with communicating with your spouse about the current financial situation and your goals. Let him or her know how you’d want your assets distributed and keep in mind that it will be a hard conversation to have. Adult children should be involved if you are comfortable with it. Consult an estate planning attorney before you remarry to assess your options. If you’ve already married, that’s okay; what’s important is making a plan of some sort now.
The priority is ensuring each spouse’s share of the estate ends up with the desired beneficiary and that children from past relationships are protected. Typically, estate planning distributes an estate to the spouse and then the children so the surviving spouse could easily amend the documents to disinherit someone like the deceased spouse’s children.
Trusts and Power of Attorney
When you bring a significant asset into a marriage, make sure you’ve set up a separate property trust before you get married to ensure it goes to your beneficiary. Also establish a joint trust with your spouse that has protections for the children.
Name a trusted individual to manage your financial affairs and legal decisions by appointing a power of attorney. Make sure previous POA’s are revoked and execute an updated POA. A health care directive allows you to choose someone you trust to make your health care decisions when you’re unable so an updated health care directive is useful for medical professionals in the case of an emergency. Use this time to discuss end-of-life care, organ donation and burial arrangements with your new spouse.
Finally, be sure to designate beneficiaries on assets like life insurance and retirement accounts. Most people forget to change the beneficiary after a divorce. Use this time to make changes on old accounts, small life insurance policies and old 401k’s so that your new spouse is informed of all accounts.
All of this can be a lot to handle. If you need to sit down with professional Las Vegas estate attorney, contact us today.