Maintaining an updated estate plan is an important aspect of financial care. It is especially important to update following a divorce and/or the start of a second marriage. Blended families and new marriages create an interesting problem for will-makers, as they must find a way to honor the new spouse and children without disregarding children from the previous marriage.
This sort of incorporation is a difficult and delicate task, but not impossible with the proper guidance. The key to success is fully understanding the current family dynamics of the client. Family dynamics can shift over time, and so providing grounded advice on how to pass down assets and what estate planning tools work best for the situation is crucial.
A spousal trust tool is one of the most useful tools; it ensures that the surviving spouse will have access to trust assets during their lifetime and that these remaining assets will pass onto the children of the predeceased spouse. This form of trust allows for rollover treatments and graduated rates of taxation. Other estate planning tools could include careful splitting of assets, and the designation of life insurance to children.
At Fields and Dennis, we treat our clients with the utmost respect during the delicate process of estate planning. We are a trusted firm that openly communicates with our clients during this planning process. Please contact us today if you are looking for a trusted and strategic Boston divorce lawyer.For more on estate planning in a second marriage: http://www.huffingtonpost.ca/suzana-popovicmontag/second-family-will_b_8010438.html