Multiple marriages complicate estate planning

On Behalf of | Oct 14, 2020 | Estate Planning

Divorce rates remain consistently high across all ages and especially among couples nearing their retirement years. Many times, an empty nest leads to ending a longtime marriage. Eventually, you might get remarried, which could raise issues with eventual claims on your estate that you either did not anticipate or that cause legal fights in Colorado family courts.

Estate planning can control the chaos

If you have been divorced, have a new marriage in the works and have significant assets worth protecting, smart estate planning will get it done. Many people who marry a second time or more neglect to update an existing estate plan or might not have one at all. That is a recipe for disaster, but you can prevent it from happening. Here are some very useful tools to preserve your estate and ensure your assets go where you intend.

Protections for current spouse and children

If you have a new spouse and a new family to protect, drafting or updating your will is in order. You need to ensure that a former spouse or others cannot make claims that deny support to your current spouse and children. You might have biological children from a former marriage who challenge and deny benefits for your current spouse or additional children. Updating your will can stop that from happening.

Protect your estate against theft

There are many ways in which estate assets might disappear, especially after you are gone. You can stop others from depleting your assets while living or afterward with the creation of a legal trust and designated legal trustee. You can name very specific beneficiaries and the conditions for which they would qualify for support when you no longer are around or if you suffer a debilitating condition that makes it impossible for you to administer your estate.

Many estate planning tools can protect your assets and even reduce potential tax liabilities while you are alive or after transferring assets. A Colorado attorney experienced in estate law may be a great resource for learning which tools work best for preserving your estate.