"Marriage, divorce, and remarriage - whether of the adult children or of the family matriarch or patriarch - should be considered in any estate planning. "Most families avoid this topic because it feels uncomfortable or 'unromantic,'" says Donna Cates, a certified divorce financial analyst and founder of Money Matters Wealth Solutions. "But the truth is, talking about the financial realities of marriage and divorce is one of the most loving things a family can do.""
"Consider what purpose you've chosen for your money. Then, reverse engineer an estate plan that delivers that. For example, you might be happy for your widow(er) to remarry in the event of your death, but wouldn't want their new spouse to have access to funds that might otherwise go to your children and grandchildren. In that case, you could leave a set amount of money to your widow(er), and also give inheritance to your children or grandchildren directly, or protect it in a trust for them,"
Blended families complicate traditional inheritance patterns and require diplomacy, tact, sensitivity, and a holistic estate-planning approach. Marriage, divorce, and remarriage of any family member should factor into estate decisions. Families should clarify the purpose of their assets and reverse-engineer an estate plan to reflect those goals. Practical tools include leaving fixed amounts to surviving spouses, directing inheritances directly to children or grandchildren, and using trusts to protect assets from future spouses. Open conversations about financial realities of marriage and divorce can prevent conflict and ensure that legacy intentions are honored.
Read at Business Insider
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