Being part of a blended family can make estate planning harder. Therefore, it is important that those in North Carolina and throughout the country who are getting married for a second time review their current plan. Updating beneficiary and insurance forms can help to protect children from a previous marriage. If assets are left solely to a new spouse, there is no guarantee that this person will share them with those children.
A trust may be an effective tool to ensure that both a spouse and children from a previous marriage are taken care of. The use of an AB trust can allow a surviving spouse to maintain a reasonable standard of living after the trust's creator passes on. Once the second spouse dies, the children get whatever is left in the trust. The trust can also help provide for biological sons and daughters if the surviving spouse remarries.