Parents in Nevada who are about to get married again may have a challenging estate planning dilemma to solve. If an estate plan is not created properly, the children from the previous marriage could get nothing. Meanwhile, the new spouse could receive all of an individual’s property when he or she passes. While assets could be transferred from the surviving spouse to the children, there is no guarantee that this would happen.
The new spouse may still have the ability to obtain a share of a husband or wife’s assets even if that person is not in a will. However, this may only be true if an individual can show that there is a need for a portion of a deceased spouse’s net worth. Another possibility is that a spousal trust is created that benefits a partner and an individual’s children from a previous marriage.
In such a scenario, the surviving spouse would receive distributions from the trust to maintain his or her standard of living. When that person dies, whatever is left in the trust goes to the children. Alternatively, a prenuptial agreement can be created to address any concerns a parent could have prior to getting remarried. If a person dies without a will, roughly half of his or her assets go to the spouse while the rest goes to the children.
Creating a will may help a person preserve a legacy they built while alive. This is because a will may allow greater control over where assets go as well as who is responsible for distributing them. In addition to a will, a trust or beneficiary designation could help an individual meet estate planning goals. These documents may be especially important for parents who are getting remarried and want to protect their children.