Residents in California who have been divorced or widowed may well choose to get married again. The opportunity to start fresh with a new partner may bring someone great joy for many years. However, couples in this situation should also take the time to plan what they want to have happen to their estates after one or both partners die.
Perhaps one of the most commonly thought about issues in a blended family is how to provide inheritances for each spouse's separate children. As explained by CNBC, the qualified terminable interest property trust is often used by people to do just this. It allows the development of a trust that specifically grants assets not to one's spouse but to one's children from a previous relationship or marriage.
Providing for one's children is often only one issue that people want to address in a good estate plan. Regardless of the age at when they marry, it is logical for people to wish to ensure that their new spouse has sufficient assets on which to live or receive care after the first spouse dies. Forbes indicates some couples choose to have assets transferred to the surviving spouse first and then to the children after that person dies.
In making decisions about estate planning, new couples will want to discuss what assets they might want to keep separate from the very beginning and what they will mix together. This might help direct what they want to happen to those assets after their respective deaths.