If you are in your second or subsequent marriage and you and your spouse have decided that now is the time to firm up your estate plans, you will want to learn as much as you can about a range of tools that might be appropriate for your situation. For blended families in North Carolina, a simple will may not be the recommended approach to an estate plan as it may not be able to accommodate all the complexities involved in the varying familial relationships.
As described by Forbes, great care is required when you need to balance leaving assets for your biological children and taking care of your spouse should you be the one to die first. There are specific types of trusts that may help you achieve your goal of providing for your spouse but still ensuring that some assets are left for your children after your spouse dies. Even if your spouse and your children have positive relationships now, you cannot foretell how things might change after your death when discussions turn to who will be inheriting what.
You may also need to keep in mind any provisions from a former divorce decree that stipulates some financial responsibility to your former spouse when making a new estate plan.
If you would like to learn more about how to create an estate plan that appropriately provides for your children and your new spouse, please feel free to visit the estate planning tools for remarried persons page of our North Carolina estate planning website.