Question: How can I protect my assets for my children when I get remarried?
Answer:There are a few options. Parties considering marriage can create a binding financial agreement under the Family Law Act, called a pre-nuptial agreement, which details the division of assets in the event of the relationship breaking down.
Another option is setting up an express trust and identifying your children as the sole beneficiaries. This may be in the form of a deed, or will. You can elect to transfer equitable title to your children upon activation of the trust as set out in the trust instrument (deed), or set up a testamentary trust (a will), which comes into effect upon the death of the person who made it.
It is important that you make sure your interests and assets are fully protected by speaking to a lawyer who has expertise in this area.
