Frequently one parent will pass away leaving a remaining spouse. When this happens the remaining widow or widower will statistically be remarried within four years. It is no fun to think about your spouse remarrying, but it is incredibly common.
It is even less fun to think about your remaining spouse and his/her new partner spending through the inheritance you intended for your children. Even good people make this mistake. Often it is done with the best intentions. Perhaps, the new partner has student loans that need to be paid, and the intent is to put the money back over time.
You can protect against this with a properly drafted estate plan. An attorney who focuses on estate planning can help you create a trust for your children. The terms of the trust frequently give the remaining spouse a portion of the funds outright, and allow him/her to access other funds for the children’s health, maintenance, education and welfare. When the children reach the age that you decide (probably 20 to 25), they will receive the remaining funds.
This is great way to pass on values to your children and to protect your children’s inheritance. That is why it is the 2nd important reason young families need estate planning.
