All we have is a house and a few cars, part ownership in another house.
I would go one step further. The foundation of estate planning is control. Life happens. When one spouse dies it is natural for the survivor to remarry. In remarriage loyalties change. It is not good or bad. It just is.
I would recommend an Irrevocable Life Insurance Trust (ILIT) with your children from a prior marriage as the sole beneficiaries. This type of trust is designed to hold a life insurance policy. In addition, this type of rust is not changeable once it is established, so there is no risk of the assets going to anyone except your children. I would also recommend that you name one or other of your children from a prior marriage as Trustee of the Trust. They would be responsible for managing the trust and keeping the policy alive. Finally at your death, the policy proceeds are payable to your children.
This planning enables you to protect your current spouse and your children at the same time.
This answer does not constitute legal advice and does not and is not intended to create an attorney-client relationship. The law may vary depending on the state in which you reside. It is intended only to give some direction in which to seek assistance.
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