Second Marriage and Estate Planning
Dec. 25, 2022
Estate planning is important for everyone, but it is especially important for individuals who are entering into a second marriage. Here are some reasons why estate planning is important in this situation:
To protect your children from a previous marriage: If you have children from a previous marriage and you want to ensure that they are provided for after you die, you will need to include specific provisions in your estate plan to accomplish this. Without proper planning, your assets may be distributed according to state laws of intestate succession, which may not align with your wishes.
To protect your new spouse: If you are entering into a second marriage and you want to ensure that your new spouse is provided for after you die, you will need to include specific provisions in your estate plan to accomplish this. Without proper planning, your assets may be distributed according to state laws of intestate succession, which may not align with your wishes.
To minimize conflict and confusion: Estate planning can help prevent disputes and confusion among your heirs after you die. By clearly stating your wishes and making your intentions known, you can reduce the likelihood of conflicts and misunderstandings.
To reduce taxes and other expenses: Proper estate planning can help minimize taxes and other expenses that may be incurred after you die. For example, a properly drafted will can help avoid probate, which can be a costly and time-consuming process.
Estate planning is important for anyone entering into a second marriage because it allows you to control how your assets will be distributed after you die and ensure that your loved ones are provided for according to your wishes.
In New Jersey, the laws of intestate succession determine how a person's assets will be distributed if they die without a will. If a person is entering into a second marriage, it is important to consider how these laws may affect their inheritance rights and the inheritance rights of their spouse and children.
Under New Jersey's intestate succession laws, if a person dies without a will and they are survived by a spouse and children, the spouse is entitled to the first $50,000 of the deceased person's estate, as well as one-half of the balance of the estate. The children are entitled to the other half of the balance of the estate.
However, if the deceased person's children are not also the children of the surviving spouse, the surviving spouse is only entitled to the first $25,000 of the deceased person's estate, as well as one-third of the balance of the estate. The children are entitled to the remaining two-thirds of the balance of the estate.
It is important to note that these laws apply only if the deceased person did not have a will. If the deceased person had a valid will, their assets will be distributed according to the terms of the will.
It is always a good idea to consult with a legal professional to discuss your specific situation and determine how the laws of intestate succession may affect your inheritance rights in the event of your spouse's death.