Farley And Partners

Estate planning and second marriages

A different set of challenges face parents in their second marriages, with children from former and current marriages.

If both partners are wealthy, you might want to direct more of your own wealth to children of your first marriage. If your partner is not wealthy you might wish to protect him or her by either a direct bequest or a life interest trust (allowing your assets to devolve on the second death according to your wishes). Should younger children receive a bigger share than adult children, already making their own way in the world, and should your partner’s children from the previous marriage benefit equally with your own?

If you are concerned about your former spouse gaining control of your wealth, consider creating a trust to ensure maximum flexibility in the hands of people you choose.

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