What kinds of things do I need to plan for?
There are numerous other reasons to plan in advance, including protecting assets for children should a spouse remarry; ensuring a beneficiary with special needs does not have government benefits disrupted, minimizing tax liability, and avoiding probate. Spouses often worry that the surviving spouse might unintentionally disinherit their children by marrying again. The survivor may wish to provide for the new spouse and leave all of his or her assets to that new spouse. When the surviving spouse passes away, all of the assets go to the new spouse. The new spouse may then choose to leave all of the assets to his or her own children, thereby disinheriting the survivor’s children. Unfortunately, this scenario is occurring with increasing frequency. However, we can plan around such concerns.