Getting married again can often be a happy time in a Texas resident’s life. However, there is much preparation and many financial and lifestyle issues to consider during that time. Though a new marriage may seem like the beginning of a new period in a person’s life, it may also be prudent to consider estate planning and how the new spouse may factor into those end-of-life plans.
Bringing assets into a second marriage as well as children is common. With such cases, individuals often want to protect assets that they wish to bequeath to their children. Because state laws often give precedence to spouses, there may be a chance that a spouse could potentially claim assets that an individual wished to give to his or her children.
In order to avoid such an outcome, individuals may wish to work with their legal counsel to ensure that their wills are airtight when it comes to the language used in the documents. Additionally, parties may wish to consider a prenuptial or postnuptial agreement. This document could protect those assets by having a spouse agree to waive any claims to an elective share of an estate or a share that differs from what is detailed in a will.
As such a situation shows, estate planning could prove valuable regarding various aspects of a person’s life. Therefore, Texas residents may wish to make sure that their documents are updated and properly filed. Discussing any concerns with experienced estate planning attorneys could help interested individuals take the necessary steps to ensure that their end-of-life wishes are honored.
Source: wmur.com, “Money Matters: Financial and estate planning for second marriages“, Marc Hebert, Aug. 18, 2016