Estate Planning for Second Marriages in Oklahoma
When you get remarried, there are some special considerations that must be given to your estate plan. The specific items that need to be addressed depend on whether you have children from your first marriage and whether your first spouse is still alive. Individuals who get remarried must carefully balance the interests of their current spouse with the inheritance rights of their children from previous marriages. With the right estate plan, you can balance these items successfully and protect both your current spouse and all your children.
Potential Estate Planning Issues With a Second Marriage
Second (or subsequent) marriages can present some challenges when it comes to estate planning. The first issue is that you may not be able to disinherit your current spouse. This means that your current spouse may be entitled to inherit half of your estate, even if your plan is for them to receive no inheritance.
Additionally, you should know that stepchildren are not considered legal heirs under Oklahoma law. This means that if you die without a will, your stepchildren may not be able to inherit anything from your estate. If you intend to protect them after your death, you must put a specific plan in place to do so.
Finally, naming your current spouse as the sole beneficiary of your estate could unintentionally disinherit your children from your previous marriage. Your new spouse could spend the entire inheritance, or they might alter their estate plan and leave your children out. No matter the reason, you must put a plan in place to ensure that your children are protected.
How a Marital Trust Can Help
Balancing the interests of your current spouse with the protection of your children from a former marriage can be complex. However, there are some legal tools that can allow you to do so. By using a marital trust, you can name a trustee to manage your assets and distribute those assets to your beneficiaries according to your specific instructions.
The QTIP Trust
A common tool used in estate planning for second marriages is the QTIP trust, or Qualified Terminable Interest Property trust. This is a special type of marital trust that is often used in these situations. A QTIP trust allows your spouse to receive lifetime income (usually each year), but the remaining assets can be inherited by your children or another person that you specify.
One of the great things about a QTIP trust is that the current spouse has no control over the assets in the trust. This means that those assets cannot be reallocated to benefit their own children. Additionally, you may add provisions that stop payments to the spouse if they get remarried. If you wish to provide your spouse with more control than what is allowed by a QTIP trust, you may explore other marital trust options with an experienced trust attorney.
Explore All Your Legal Options
If you need help with estate planning for a second marriage, contact the team at Helton Law Firm today. We have a deep understanding of Oklahoma estate law, and we have deep experience in helping individuals put comprehensive estate plans in place after a second marriage. Call us now to let us put our experience to work for you.
