Estate Planning Pothole: not planning after remarriage
An estate planning pothole easy to avoid is not reviewing your estate plan after a remarriage. Frequently, we see where Mom or Dad remarries and leaves everything to the second spouse. When the second spouse dies, his or her children inherit everything and the children from the first marriage receive nothing.
To avoid this pothole, you could establish a trust in your will for the benefit of the second spouse during his or her lifetime with the remainder to go to your children upon the second spouse’s death. Your will could also split your estate between the second spouse and your children at the time of your death.
Steven Knecht helps clients with estate planning. With 35+ years of experience, he listens to you to create a Will or other estate planning document that works the way you want it to which may not occur with a document obtained through on-line resources. For more information concerning your estate and trust needs, call and ask for Steven Knecht for a personal consultation.