Second Marriages And Estate Planning
You have gotten remarried and are thinking of the original Estate plan you drew up. Will it cover this new extension of your family? Will you find that either your first wife and/or kids will inherit all of it, leaving your new wife and possibly new child without anything? Or what if your new wife wants nothing to do with your assets and demands that papers are drawn up stating that what’s hers remains that way and you keep what’s yours? If any of these scenarios are true, you need to look into adding onto or changing your Estate plan.
Estate - To Trust Or Not To Trust That Is The Question!
Living Trusts have become very popular and are being heavily promoted to seniors. Should you Trust or not Trust? That is the question. Read on to learn some simple guidelines that will help you know whether a Living Trust may be right for you and how to go about getting one if needed.
A Living Trust is considered a separate legal entity much like a corporation. As a result, any assets ‘owned’ by the Trust at your death avoid Probate and can pass to your heirs simply and easily. It also provides for the management of your assets if you become incapacitated.
The Shock Of Sudden Death And Probate
When my daughter was suddenly killed in a car crash I was overcome with grief. She was 45 years old, finally at a secure place in life, excited about her children and her job. My father-in-law died on the same weekend and, though we expected his death, it was still a shock. I am co-executor of my daughter’s estate.
While I am glad she had a will, her finances are a mystery. My husband and I have become financial detectives, tracking down leads and trying to make sense of them. Grief and Probate are a heavy burden, a burden filled with questions. We must answer these questions and more.
