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Second marriages<\/span><\/a> can be complex affairs, whether you’re recently divorced or marrying again later on in life. There are bound to be concerns about what this means for inheritance and provision for any existing children in the event of the death of a parent. <\/span><\/p>\n According to <\/span>Maggie Martinez<\/span><\/a>, LCSW:<\/span><\/p>\n Open, early conversations about estate planning in second marriages reduce ambiguity and protect <\/span>both<\/span> the marital relationship and family stability.<\/span><\/p><\/blockquote>\n Second marriage inheritance issues can cause a degree of unwanted acrimony if it isn’t acknowledged and resolved prior to nuptials taking place. It therefore goes without saying that you should <\/span>seek legal advice before you sign on the dotted line<\/span><\/a>, and we also recommend taking the following steps.<\/span><\/p>\n Does a spouse automatically inherit everything?<\/span><\/p>\n When you get married to your second spouse, he or she will be entitled to inherit most of what you own if you pass away. This can leave your children from a previous relationship with very little or, worst-case scenario – nothing. When you marry for the second time, your Will is no longer valid. Hence, you need to update it if you want your children to receive anything. <\/span><\/p>\n In the absence of a Will, your new spouse could inherit the first £250,000 of your estate, meaning in some cases, your children may not benefit at all. The situation can present difficult choices. For example, suppose you leave the marital home to your spouse from your second marriage. In that case, your children’s inheritance is in potential jeopardy because it will form part of your second spouse’s assets when they later pass away. <\/span><\/p>\n There is nothing to say a second spouse cannot change the beneficiaries of their estate or change their Will. Careful planning and forethought are required to ensure all parties are happy with any pre-arrangements, and options such as <\/span>Life Interest Trusts<\/span><\/a> should be considered. <\/span><\/p>\n How do second marriages actually work? Watch this video to know more.<\/span><\/p>\nRelated Reading: <\/i><\/b>6 Challenges of Second Marriages and how to overcome them<\/span><\/i><\/a><\/pre>\n
What are the legal rights of a second spouse? <\/b><\/h2>\n