Second Marriages and Estate Planning

I have seen many couples who had prior marriages and children from prior marriages with the typical mirror wills:  everything to my spouse, then to my children.  This is a huge mistake.  Bob and Jane--second marriage for both--have one child each from their previous marriages.  Bob dies and all his assets go to Jane; Jane dies and all her assets (including assets that she inherited from Bob) go to Jane's child.  Bob's child has been left out of the picture, possibly unintentionally.

I believe the best estate planning tool here would be a trust for Bob and Jane that would provide for certain distributions to certain beneficiaries at certain times. 

For a good article on the topic, see Estate Planning for the Twice Married.  (Thank you to Professor Beyer, for posting this on his blog Wills, Trusts & Estates Prof Blog.)

Comments

[Elder care attorney southampton]

Thanks for posting this. The article you posted was a good read and helped me a lot. I've bookmarked this blog to read more later on!

[casino bonukset]

Est-ce que je pense que ce post est très intéressant, parce que c'est un gros problème à de nombreux autres copules ..

[gclub]

Thank you so much for the Blog workshop you gave us last november.

[Benjamin Skinner]

I appreciate the breakdown as well. Estate planning can get pretty intricate and it's always good to have experienced help.

[moncler netherlands]

I like ANMJ on FB & just subscribed to the email feed! :)

[Financial Planners Orlando]

My wife and I are considering seeing a financial planner. I have kind of talked about this before on this site but now are actually wanting recommendations for an actual planner to visit. I am going to do some of my own research on this but wanted to see how some of my fellow fanatics have faired with their own planners.

[North Face Jackets]

Even if you are the only one who wants to save your troubled marriage you can do it alone once you know what you need to do. So, relax, take a deep breath and let's get started with some things you can do to get started on saving a troubled marriage.

[motos electricas precios]

Julie, i want to congrats for your excellent blog.