Smart planning for those entering a second marriage

When planning to marry for a second time, there are important legal and financial steps necessary to protecting long-term interests. Certain estate planning steps allow a Louisiana adult to avoid complications and retain control over finances, assets and health care decisions. Those entering a second marriage will want to make thoughtful and careful decisions regarding their current estate plans and future implications.

One mistake many make with their estate plans after second marriages is failure to update beneficiary designations and their wills. If a spouse dies without these updates to an estate plan, it could mean assets and certain decision-making authority will go an ex-spouse. It is also crucial to take steps to make sure children from a previous marriage have the full amount of protection they need and deserve.

There are also estate planning steps that could be important if a spouse wants to make sure assets are protected for the benefit of his or her children in the future. Asset depletion may be avoided through certain types of trusts or even insurance policies. It is important to protect current assets and future earnings from an ex-spouse, especially after entering a second marriage.

Louisiana adults in a second marriage may want to consider certain estate planning steps. An evaluation of their current plan an assessment of their long-term goals can help them understand what steps could be important for their unique situation. Before making plans or decisions regarding the future of their estate, it will be helpful to speak with an attorney experienced in estate law.