Trusts Play Important Role in Estate Planning for Widowers
Many studies have been done on the remarriage rates among widows and widowers, and have all pretty much come to the same conclusion: men who lose a spouse tend to remarry much more often than widows.
Statistics show that 60 percent of men and 20 percent of women are either involved in a new relationship or remarried within two years of losing a spouse.
When it comes to estate planning, widowers are usually most interested in protecting an inheritance for their own children and that is when the role of a trust comes into play.
A living trust can hold assets for children and also helps avoid the time and expense of probate. This trust can be established at any time and can also be changed if desired. It can be set up so that if the husband dies first, the new wife can stay in the home until she moves or dies. There can be assets earmarked for the surviving spouse, with everything going to the trust creator's children upon her passing.
If you are considering remarriage, speak with an Irvine estate planning attorney, who can assist you with estate planning strategies to protect assets for children as well as your new spouse.
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0042.