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Estate Planning for Second Marriages WRITTEN BY CHRISTIE TOURNET

ESTATE PLANNING CAN

be relatively

straightforward when it is the first marriage for both parties. Often, spouses opt to leave their estates to one another, and then, upon the second spouse’s passing, the remaining balance may go to children or grandchildren. However, when we consider second marriages, the landscape can be much more involved. For example, spouses may bring their own separate property into the marriage. As time passes, spouses may also accumulate community property together. First, the spouses should understand that inheritance outcomes, under Louisiana default law, differ for each type of property. Then, spouses should determine if they have different plans for their different types of property. If so, the Last Will should be drafted to provide clear instructions to carry out The Testator’s wishes. Children of prior marriages should be taken into consideration along with any children of the second marriage. Sometimes, spouses may structure their Last Will and Testament in one fashion and their non-probate assets and beneficiary designations in another. Non-probate assets like life insurance and retirement accounts may contain beneficiary designations different from the beneficiaries named under a Will so that the Testator can adequately address concerns for each set of children, including the extent of support each child may require.

IT’S POSSIBLE TCounseling O services H areEavailable AL for survivors of sexual assault.

Additional considerations include potential problems arising from beneficiaries becoming co-owners of property. The Testator should consider how joint beneficiaries might coordinate, and if persons appointed to act in a fiduciary role are to make joint decisions. After reflecting, it may be determined that joint beneficiaries and appointments may not be the best decision.

You don't need to go through this alone, help is here for you.

The nature of your property, your family dynamic, and ultimately, your intentions should all be addressed before executing an estate plan when you re-marry.

Counseling is free of charge through the Louisiana Foundation Against Sexual Assault in St. Helena, Tangipahoa, and Livingston Parishes. Services are confidential, professional, and trauma-informed.

Christie Tournet & Associates, LLC, provides estate planning, estate administration and commercial law services. The practice is located at 1795 W. Causeway Approach, Suite 103A in Mandeville. 985-951-2177, tournetlaw.com.

Any survivor of sexual assault, whether the assault was recent or in the past, is eligible. Survivors of all genders, sexualities, races or religious backgrounds are welcome.

Set up an appointment by calling 985-248-9699 or emailing chelsei@lafasa.org.

www.lafasa.org

The opinions, findings, and conclusions or recommendations expressed in this ad are those of the author(s) and do not necessarily reflect the views of the Department of Justice or LCLE. This project was supported by Subgrant Number 2017-VA-01-4320 awarded by the Louisiana Commission on Law Enforcement through the Office for Victims of Crime, Office of Justice Programs.

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Sophisticated Woman Magazine - September 2019  

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