Remarrying? What To Consider When Creating A Tampa Estate Plan
After a breakup, you may feel hesitant to risk your heart again. Starting over with someone new provides a fresh start, but can also pose challenges when it comes to estate planning in Tampa.
Prior marriages, blended families, and different priorities or financial goals can all impact your will, advance directives, and other documents. Our experienced Tampa estate planning lawyer explains key issues couples often face and how to convey and protect your wishes in Hillsborough County.
Common Estate Planning Issues in Tampa When a Couple Remarries
Few things are more devastating than going through a divorce, but the National Institutes of Health (NIH) reports that more than two-thirds of divorced people eventually remarry. The Florida Statutes give your new spouse certain automatic rights that can override any prior wills or other Tampa estate planning documents.
However, the law may not reflect your wishes when it comes to other loved ones and their rights regarding certain property or assets. In blended families, this can create significant conflict. Common estate planning issues to be aware of include:
- Florida’s elective share rights allow your spouse to claim 30 percent of your estate.
- Homestead restrictions limit how you can pass on your primary residence.
- Pre- and postnuptial agreements may waive certain statutory rights.
- You may need to update beneficiary designations on life insurance and payable-on-death accounts to accidental inheritances.
- You may need a trust to protect both current spouses and children from prior relationships.
Remarriage can also impact powers of attorney and health care directives, creating conflicts for your new family in emergency situations.
Tools That Can Help Protect Your Wishes If You Remarry In Hillsborough County
Second marriages often require more detailed planning than first marriages. Couples may want to ensure children from prior relationships inherit certain assets while still ensuring financial security for a new spouse. The following tools can help protect your wishes and prevent potential disputes in the Hillsborough County Probate Court:
- A revocable living trust ensures property and assets are distributed properly and protects your family’s privacy.
- A qualified terminable interest property (QTIP) trust can help support a spouse while preserving assets for children.
- Separate property trusts can protect premarital assets.
- Updated beneficiary designations to clarify rights to life insurance proceeds and any money in bank or retirement accounts.
- Lady Bird deeds allow you to transfer a homestead property in a controlled manner.
Using the right combination of estate planning tools helps convey your wishes and ensures everyone in your blended family is protected.
Recent Remarriage? Contact Our Tampa Estate Planning Lawyer Today
Remarriage can provide a fresh start and a chance to form new family bonds. Protect your spouse, your children, and other loved ones by putting the appropriate estate planning documents in place.
At Bubley & Bubley, P.A., we help families throughout Hillsborough County design thoughtful and effective estate plans that work for blended families. To discuss your options, call or contact our experienced Tampa estate planning lawyer online and schedule a confidential consultation today.
Sources:
pubmed.ncbi.nlm.nih.gov/12315138/
leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/Sections/0732.201.html
hillsclerk.com/court-services/probate-guardianship-and-trust
