When Your Spouse Remarries, Protect The Kids

20 Jun 2022 · 1 min

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When a surviving spouse remarries, their new partner or step-children can become the priority, leaving your kids financially vulnerable. Jerry Taylor recommends naming a trust as the beneficiary of your life insurance instead of your spouse directly. The trust pays income to your spouse while protecting the principal for your children.

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One of the most important and consequential things that I do, if not the most important, is to make sure that your money is protected for your kids after you're gone. So consider this. If you're married and you die first, your husband or your wife is likely to get married again. The husband more so than the wife. If you have children, they will take on less significance in the new relationship, particularly so if the new husband or wife has kids of their own. That sounds harsh, but it is the truth. Your children will have to share the spotlight with the new spouse and possibly the new stepchildren. How can you protect your children while at the same time protecting your spouse? Here is one good way if you have life insurance. Name a trust as the beneficiary of your life insurance. This type of trust will be created through your will or during your life through a revocable trust. This trust will provide income to your spouse during life but protect the principal for your children. For more information and ideas like this, follow this channel.