You have a lot to consider when looking at your estate plan as you get married again. A second marriage can complicate that plan, no matter when in life it happens. That's not to say you shouldn't get married, but just that you need to carefully consider what it means and what you can do about it.
You decide that it's time to write a will. You have a fair amount of complex assets, but much of your wealth comes from a life insurance policy. You know that it's going to pay out when you pass away, so you write into the will that the money should get split evenly between your three children. It seems easy enough, and you assume that covers it.
If you pass away and your estate goes into probate, your heirs probably hope it wraps up quickly. Unfortunately, it may not. This process can drag on for weeks or months, depending on a lot of different factors.
The population in the United States is trending toward including more and more elderly individuals. This is happening because baby boomers -- the population spike seen right after the end of World War II -- are growing older and pushing the numbers up.
You decide to do your estate planning, and your assets are actually not your main concern. You want to get things set up for your children, who are still minors. As such, your first order of business is to pick guardians for the kids.
Don't think about your estate planning as something you just need to do for yourself. Think of it as something that you need to do for your family. After all, they're the ones who are going to see the negative consequences if you do not.
Your estate planning may start with a will, but you may not necessarily want to let it end there. You have many more options. One of the most common is a trust, which allows you to leave money to the trust -- rather than putting it into your will -- and then letting the trust pay out to your heirs.
Disinheriting a child means cutting them out of your estate plan. When you pass away, even though they probably expected to get some of your wealth and assets, they get nothing.
Some questions really make parents feel uncomfortable, and with good reason. One such question is who takes the children if you and your spouse both pass away unexpectedly.
The unfortunate reality is that the elderly often get targeted by scams and victimized by fraud. There are a few reasons for this, one of which is simply that they tend to have the assets and savings that others are seeking. This is especially true when they are considering their estate planning and dividing up their life savings.