Next week is Valentine’s Day, some say the most romantic day of the year. In fact, the day is so romantic that it is estimated that approximately six million couples will get engaged that day. And while many of these couples will begin making wedding plans, one of the items that might be overlooked on their ‘to-do’ list is speaking to an attorney about creating a new estate plan. This is especially critical if the couple will be creating a blended family when they exchange their vows.
The Blended Family
Given the high divorce rate for second and subsequent marriages (more than 60 percent), it should come as no surprise that over half of all Americans have or will find themselves as part of a blended family. A blended family is one where one or both spouses have children from a prior relationship. Many blended families include adult children and grandchildren.
As with any life change, coming together as a blended family often has emotional issues, but these issues can be even more complicated when it comes to the financial factors that often need to be addressed when a couple marries. Having a solid estate plan in place can help minimize these issues so the family can focus on coming together emotionally and not worrying whether their parent’s new spouse or their new stepsiblings will have access to their parent’s assets should something happen to them.
Estate Planning with Your New Spouse
If you and/or your new spouse already have estate plans in place, you will need to revise them upon your marriage. You will need to consider what will happen to funds in any financial accounts you have, real estate, beneficiaries on retirement accounts and life insurance policies, family heirlooms, and more. A skilled Sacramento estate planning attorney can explain all of the options available to you, as well as what kinds of estate planning tools will be the most beneficial for your particular situation. Some of these tools can include:
- Revocable living trusts
- Irrevocable trusts
- Healthcare proxies
- Power of attorneys
Contact Our Office Today
Congratulations on your engagement! Whether this is your first, second, or subsequent marriage, you will want to make sure to speak with a dedicated Sacramento estate planning lawyer. Keep in mind that one of the documents in your estate planning package can also include a prenuptial agreement, another helpful tool when couples are getting married. To learn more, contact Yee Law Group today to schedule a free and confidential consultation.