I frequently meet with clients who have gone through a divorce and are planning to enter into a second or subsequent marriage. While beginning a new chapter in life can be exciting, doing so with children from a previous marriage brings both opportunities and complexities, especially when it comes to estate planning. If you are planning to remarry and want to protect the inheritance meant for your children, it is essential to revisit and revise your estate plan. With that in mind, allow me to discuss how your estate plan can help you protect your child’s inheritance if you plan to remarry.
What to Think About When You Remarry
Getting married for a second time is more than just a personal or emotional decision. There are often significant legal and financial ramifications, particularly if one or both parties bring children, property, or debts into the new union. Several issues should be discussed and carefully considered before the wedding takes place.
First, consider what each party brings into the marriage. Many second marriages involve established assets, business interests, or significant debts. Couples often benefit from entering into a pre-marital agreement that outlines who owns which assets and who will remain responsible for specific debts. While the prospect of signing a pre-marital agreement may initially evoke negative connotations, such an agreement can help avoid future disputes and confusion.
Second, it is important to account for any financial responsibilities stemming from a previous marriage, such as child support payments, college tuition obligations, or maintaining life insurance policies that name a former spouse or minor children as beneficiaries. Each of these obligations may impact your ability to save for retirement, invest, or provide for your new spouse.
Third, income earned and assets acquired after the marriage may be considered joint or marital property under Maryland law. If you wish to keep post-marital assets separate, that intention should be clearly expressed and legally documented before you marry. Again, a properly drafted pre-marital agreement can be an effective tool used to accomplish this goal.
Lastly, protecting your children’s inheritance should be a priority. You may own a family home, heirlooms, or financial accounts that you want to pass directly to your children from a prior marriage. Without clear instructions in your estate plan, and leaving the right people in charge, those assets could unintentionally pass to your new spouse or your spouse’s children.
Estate Planning Steps to Help Protect Children from a Previous Marriage
Blended families can create joy as well as uncertainty. Specifically, the estate plan that served you well during your first marriage may no longer be appropriate. Many couples in first marriages choose to leave everything to each other with the understanding that the surviving spouse will then distribute the estate to their mutual children. In a second marriage, however, this assumption may be a mistake. Regardless of the trust you have in your new spouse. it is unwise to rely solely on your new spouse to “do the right thing” after you are gone when it comes to preserving assets for your children from a previous relationship. Instead, one of the most effective ways to protect your children’s future is to use a specialized type of trust. A commonly used tool for blended families is the Qualified Terminable Interest Property (QTIP) trust which allows you to provide for your new spouse while ensuring that your children eventually inherit the remaining assets.
When you create a QTIP trust, the assets placed in the trust are not owned outright by your spouse. Instead, your spouse is entitled to receive income generated by the trust during his or her lifetime. In some cases, the trust may allow your spouse to live in the marital residence for life or request access to additional funds in the event of a serious need. The underlying assets, known as the principal, remain protected within the trust and cannot be distributed to others at your spouse’s discretion. Upon the death of your surviving spouse, the trust assets are distributed according to your original instructions, which often means they are passed on to your children. This type of trust structure honors your desire to provide for your current spouse while safeguarding the inheritance meant for your biological children.
Why Proactive Estate Planning Is Essential
Failing to update your estate plan when you remarry may result in unintended consequences. If you die without revising beneficiary designations or without incorporating a trust structure that reflects your new family dynamics, your assets may not be distributed as you intended. Moreover, in Maryland, your surviving spouse may be entitled to a portion of your estate by default, even if your Will states otherwise. Working with an experienced Maryland estate planning attorney is the key to ensuring that your new spouse is provided for while still protecting the inheritance intended for your child from a previous relationship.
Can We Help You Protect Your Child’s Inheritance If You Plan to Remarry?
For more information, please contact our estate planning office in Owings Mills, Maryland by calling 410-654-3850 to schedule an appointment.
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