Our clients often come to our Clear Lake estate planning attorney with concerns about property division after a second marriage. For example, if you have children from a prior relationship, and you pass away before your new spouse, he or she could make different choices regarding assets and your children. While you might not be necessarily concerned about taxes, you might wonder about protecting your material possessions for your children while providing for your second spouse at the same time. When the second spouse dies, the first spouse wants to ensure that his or her children receive an inheritance according to their wishes.
You can provide for a second spouse and protect your children in one of the following ways:
Every state has an elective share law that says that you must leave a minimum percentage of your estate to the surviving spouse, even if your will says otherwise. This amount differs, depending on the state, but the minimum percentage usually ranges from one-third to one-half. Some states increase the percentage according to how long the couple has been married. In order to find out more about this legislation, talk to our Clear Lake estate planning attorney about a pre- or post-marital agreement that might effectively remove the restrictions of this law.
The Law Firm of Badeaux & Associates understands the nuances of second marriages, and your personal assets could be affected if you do not have a will. You can reach our Clear Lake Estate Planning Attorney at (281) 486-4737 for assistance with your legal matters.