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The thread "Would you marry again" led me to think of rewriting our wills so that our daughter's interest is protected after one of us passes away.
We currently have mirror wills leaving everything to the surviving spouse and upon his/her passing, the entire estate will go to our daughter except some specific sums going to relatives in both sides.
The wills were setup many years ago. As we get older, I started to realize that the wills were not adequate in addressing what would happen in the case of remarriage of the surviving spouse but had never found the time to research on the best estate planning.
The sentimental expressed in this "would you marry again" thread and my observations of the fact that most if not all the widowers that I know had remarried made me think that the possibility of my husband to remarry if I pass away before him is very high.
I know that my husband loves my daughter dearly and would not put the interests of others over hers. However, he is also very easy going, trusting and have very little interest in financials, legal issues, estate planning etc. So, I think it is up to me to redo the wills.
I found some good suggestions in this article below especially the part about Testamentary Trust for the Spouse.
WE BOTH HAVE CHILDREN FROM FIRST MARRIAGES. MY DAD REMARRIED LATE IN LIFE AND MY SISTER AND I WERE CUT OUT OF THE NEW WIFE'S WILLS AFTER MY FATHER DIED.
MY WIFE AND I ARE LEAVING EVERYTHING TO EACH OTHER AND NOT WANTING TO CUT EACH OTHER OFF FROM EACH OTHERS ASSETS WITH TRUSTS WE SWORE TO EACH OTHER WE WOULD ALWAYS DO THE RIGHT THING FOR EACH OTHER'S CHILDREN.
WE EACH HAVE LIFE INSURANCE FOR ABOUT 250K WHICH GOES TO OUR CHILDREN IN THE EVEN ONE OF US PASSES . THAT WAY THE CHILDREN OF THE DECEASED SPOUSE GET SOMETHING RIGHT UP FRONT WITHOUT WAITING FOR THE 2ND SPOUSE TO DIE.
sorry about the caps , not sure why it posted all in caps. when I hit send.
WE BOTH HAVE CHILDREN FROM FIRST MARRIAGES. MY DAD REMARRIED LATE IN LIFE AND MY SISTER AND I WERE CUT OUT OF THE NEW WIFE'S WILLS AFTER MY FATHER DIED.
MY WIFE AND I ARE LEAVING EVERYTHING TO EACH OTHER AND NOT WANTING TO CUT EACH OTHER OFF FROM EACH OTHERS ASSETS WITH TRUSTS WE SWORE TO EACH OTHER WE WOULD ALWAYS DO THE RIGHT THING FOR EACH OTHER'S CHILDREN.
WE EACH HAVE LIFE INSURANCE FOR ABOUT 250K WHICH GOES TO OUR CHILDREN IN THE EVEN ONE OF US PASSES . THAT WAY THE CHILDREN OF THE DECEASED SPOUSE GET SOMETHING RIGHT UP FRONT WITHOUT WAITING FOR THE 2ND SPOUSE TO DIE.
sorry about the caps , not sure why it posted all in caps. when I hit send.
Similar situation my father remarried too late in life and sister and I got sold short.
Now I'm remarried and both of us have kids from first marriages. I want things done fairly for them.
We are just now getting started on doing a living trust and trying to get it setup the right way.
Part of it is real estate which creates a dilemma.
Your idea with the life insurance sounds interesting.
WE BOTH HAVE CHILDREN FROM FIRST MARRIAGES. MY DAD REMARRIED LATE IN LIFE AND MY SISTER AND I WERE CUT OUT OF THE NEW WIFE'S WILLS AFTER MY FATHER DIED.
MY WIFE AND I ARE LEAVING EVERYTHING TO EACH OTHER AND NOT WANTING TO CUT EACH OTHER OFF FROM EACH OTHERS ASSETS WITH TRUSTS WE SWORE TO EACH OTHER WE WOULD ALWAYS DO THE RIGHT THING FOR EACH OTHER'S CHILDREN.
WE EACH HAVE LIFE INSURANCE FOR ABOUT 250K WHICH GOES TO OUR CHILDREN IN THE EVEN ONE OF US PASSES . THAT WAY THE CHILDREN OF THE DECEASED SPOUSE GET SOMETHING RIGHT UP FRONT WITHOUT WAITING FOR THE 2ND SPOUSE TO DIE.
sorry about the caps , not sure why it posted all in caps. when I hit send.
My parents started to do joint wills/trusts years ago to do exactly as you describe. Leave all to the surviving spouse (ex. goes to Dad if Mom dies), which then goes into a trust to support Dad. Dad can remarry and together with new wife share all monies. Then when Dad dies... Mom's money moves down to the children. New spouse can receive ?all of Dad's money or whatever he puts in the trust/will.
But my parents never finished the final paperwork, and my mother died with no final will/trust in place. We were able to encourage my father to finally put a basic will together after Mom passed so he had something in place, but this was stressful and took years. But this does not include anything about Mom's monies, of course, as they are all pooled as all were rolled over into his IRA etc.... Dad will get re-married soon, and then all monies will go to new wife. He has spoken openly about his plan.
That is his right. It is his right to do what he wants with his money.
I suspect though, my mother would not be thrilled to know his prior mistress is now inheriting HER money as well, but I digress....
We haven't redone ours but my thought is to leave everything to our daughter, with the stipulation that the other spouse could use any amount for their direct benefit as long as they live. This is to prevent a spouse from unwittingly being scammed by someone in the future after the other is gone, or marrying again, and somehow everything ending up community property then the new spouse being the survivor and directing it all elsewhere.
I saw my mother basically left out of a nice estate because of this.
We haven't redone ours but my thought is to leave everything to our daughter, with the stipulation that the other spouse could use any amount for their direct benefit as long as they live. This is to prevent a spouse from unwittingly being scammed by someone in the future after the other is gone, or marrying again, and somehow everything ending up community property then the new spouse being the survivor and directing it all elsewhere.
A will is not the vehicle for a stipulation, they're seldom if ever binding. You'll need to set up a trust.
... But this does not include anything about Mom's monies, of course, as they are all pooled as all were rolled over into his IRA etc.... Dad will get re-married soon, and then all monies will go to new wife. He has spoken openly about his plan.
That is his right. It is his right to do what he wants with his money.
I suspect though, my mother would not be thrilled to know his prior mistress is now inheriting HER money as well, but I digress...
.
And her (and his) children will get nothing. Yup, I suspect that your mom would not be thrilled about what happened.
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