Protecting children via trust when getting remarried

On Behalf of | Feb 15, 2019 | Asset Protection Planning |

It’s not out of the ordinary to get married two times in life. It’s also not out of the ordinary to have children from your first marriage move in with you and your new spouse in Bridgewater, New Jersey. What many parents need to realize is that they have to protect their children in their second marriage. This is done by updating the estate plan and creating a trust.

A trust will spell out all of your wishes when you have minor children. This is important when you are married for a second or subsequent time. If you don’t want your children to wait until your second spouse dies before they receive your assets you can have them placed in a trust and then distributed upon your death.

When you create a trust you are able to avoid disinheriting your children should your second spouse still be alive at the time of your death. This is important because you might want your children to receive assets upon your death instead of waiting until your second spouse dies.

The creation of a trust for your minor children can also benefit their college education. If you die before they reach 18 they won’t have to worry about paying for their education or if your second spouse will help pay. A trust can be used to put money away for their education.

The creation of a trust can help protect your children from a first marriage when you get remarried. It will make sure your assets are left to them at your discretion. The trust also protects them from spending the money too quickly if you put the proper instructions in it.

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