It’s never too early to start estate planning in Massachusetts. This is especially true for second marriages where there may be children from one or both marriages.
Creating an estate plan
The key goal of estate planning is to have a plan for where your assets are going upon your passing. This requires you to evaluate your assets, choose whom they will go to or which organization they will pass to. Care for your immediate family is typically the priority in estate planning, but passing assets to non-family members or even organizations is not uncommon.
Navigating a second marriage in estate planning
Estate planning when in a second marriage is very important. Often, your assets will be separate when you first get married, but as your marriage develops, you may find that it is necessary to blend assets. Wills, revocable trusts and non-revocable trusts all provide options for naming the beneficiary of an asset.
When entering into a second marriage, it’s important to update any existing estate planning documents to reflect your current marital status. Once an estate enters probate, the individuals named as beneficiaries are in line to receive assets. If your original plan was to provide for your first spouse and child with your assets, you may want to ensure that your child is now the primary beneficiary.
An experienced attorney may help you work through the necessary steps for estate planning. While estate planning isn’t necessarily complex, consulting an attorney throughout the process is important to ensure that you’re not missing some vital aspects of your estate. Additionally, an attorney may help ensure that the legalities associated with each document are valid.