Reasons to Make a Trust If You Get Remarried

It is not uncommon for individuals in the United States to be married more than once. In fact, the divorce rate for those who are 55 and older has steadily increased since 1990. Therefore, it is important that you strike a balance between providing for a second or third spouse and providing for your biological children when you pass on.

The Benefits of Using a Trust After Remarrying

There are several reasons why a trust can be preferable to a will when it comes to leaving assets for your children. Perhaps the best reason is that the trust will be overseen by someone of your choosing who understands your estate planning goals and intent.

Additionally, the trust is not part of an estate, which means it will be harder to challenge during the probate process. These protections mean that your children will likely receive their inheritance in a timely regardless of how well they get along with your spouse.

Trusts Can Also Provide for Your Spouse

A remainder trust can be an ideal compromise that allows your surviving spouse to maintain his or her lifestyle after you pass. After your spouse passes, your children will receive whatever is left in the trust. You can put language in the document that limits the amount of money that can be taken out of it per year or place other restrictions on how it can be used.

Review Your Trust Regularly

It is a best practice to review your trust regularly to ensure that it meets your needs. A trust administration lawyer in Las Vegas will be able to help with the review process and suggest any changes that could make it stronger.