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It's time for us to update our will and I am not sure how to handle the portion dealing with naming a residuary beneficiary.
In my will, I am leaving everything to my spouse (real estate, cash, tangible/intangible property, etc). The successor beneficiaries are my adult kids, if my spouse predeceases them.
There are no "specially" designated items going to anyone in my will.
In this case, do I need a residuary beneficiary? Can I name my wife and kids again as the residuary and successor residuary beneficiaries? Or do I need to enter someone totally different?
The laws vary - sometimes widely - from state to state and you either need to consult a NC lawyer or consider only replies from persons in NC.
DH & I spent most of our adult lives in TX. We have our estate set up so that in the highly unlikely event that the one of us who survives also outlives our adult children, our assets go to a designated charitable trust.
We recently moved to another state and plan to consult a professional here to review and update our documents as needed. In TX, we paid nothing to make arrangements; everything was done through an estate management group with which we were familiar. In our new home, based upon what people have told us, we expect to pay ca $1200 in fees for the review and revised plan.
Based upon the experiences of a couple of friends, our primary concern is that the surviving spouse might remarry, then after diminishing cognition, the assets would be left to the children of the new spouse. We are more than ok with the idea of a new spouse but not so much with that leading to our children and/or favored charities being shut out. In our view (ymmv), it would be enough that the new surviving spouse inherit the residence and be the beneficiary of pensions. Neither of us want the bulk of our estate to go to any new spouse's heirs, and our plan is set up accordingly.
Last edited by biscuitmom; 04-19-2017 at 11:06 PM..
Based upon the experiences of a couple of friends, our primary concern is that the surviving spouse might remarry, then after diminishing cognition, the assets would be left to the children of the new spouse. We are more than ok with the idea of a new spouse but not so much with that leading to our children and/or favored charities being shut out. In our view (ymmv), it would be enough that the new surviving spouse inherit the residence and be the beneficiary of pensions. Neither of us want the bulk of our estate to go to any new spouse's heirs, and our plan is set up accordingly.
Our Trust Documents contain an "Evil Step-mother" clause. All of my wife's share of our estate (50%) passes directly to our children in the event that she predeceases me and I remarry. The same clauses apply if I die first and she remarries.
It's time for us to update our will and I am not sure how to handle the portion dealing with naming a residuary beneficiary.
In my will, I am leaving everything to my spouse (real estate, cash, tangible/intangible property, etc). The successor beneficiaries are my adult kids, if my spouse predeceases them.
There are no "specially" designated items going to anyone in my will.
In this case, do I need a residuary beneficiary? Can I name my wife and kids again as the residuary and successor residuary beneficiaries? Or do I need to enter someone totally different?
Assume you are doing the will yourself.
I assume you do not need a residuary beneficiary because you will leave all of your property to specific individuals and at least one of these will be alive when you die.
Question, if a child is deceased does that child's share pass to their spouse or children? If it does probably no residuary assets. Specify what happens if a beneficiary can not be located.
Be sure that all the assets of the estate pass to someone so nothing is left for a residuary beneficiary. For example you are killed in an auto accident. Your estate can claim damages from the other driver. Be sure this claim passes to a named beneficiary and does not fall through to the residuary beneficiary.
I would say you do not need a residuary beneficiary if all your assets are going to a named beneficiary. If you are not leaving anything to the grandchildren etc I could see naming then as residuary. If not them then a charity.
You can simply probate by having the title for most assets including the beneficiary. For example all of your financial accounts and home should be in your and your wife's name with right of survivorship. For financial assets you can normally list beneficiaries of the account. This is called TOD or POD (transfer /payable on death) Contact the institution to set up. No attorney needed. This method overrides what ever you will says.
Be sure not to make your children owners of any of your assets now, just potential beneficiaries.
Our Trust Documents contain an "Evil Step-mother" clause. All of my wife's share of our estate (50%) passes directly to our children in the event that she predeceases me and I remarry. The same clauses apply if I die first and she remarries.
Very good idea. I have seen too many cases of the children of the "new spouse" spending or receiving the entire estate and the previous children left out in the cold. I have also heard numerous times, "Oh, Mr/Mrs. "New Spouse" would never do that. Yeah, right.
Also, consider keeping a family inheritance entirely in your own name and have your children as beneficiaries if your spouse already has funds to support themselves. My parents would be furious if their money ended up with someone else besides the grandchildren, as would I.
Our Trust Documents contain an "Evil Step-mother" clause. All of my wife's share of our estate (50%) passes directly to our children in the event that she predeceases me and I remarry. The same clauses apply if I die first and she remarries.
This confused me. Who has the money/property between the time she dies and when you remarry?
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