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Reply to "If your parent recently died (estate planning)"
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[quote=Anonymous][quote=Anonymous]My dad passed away last year, and he had a pour-over will along with a complex trust. The situation was further complicated by his remarriage after the trust was established and his lack of a prenuptial agreement. He and his wife never lived together, as she resided several states away, and they were only married for three years when he died. His will did not list her as a beneficiary. Although not named in the will, his wife was legally entitled to one-third of his estate due to the lack of a prenuptial agreement. However, she needed to make an elective share claim to receive this portion. Fortunately, she missed the nine-month deadline to file, for reasons that remain unclear. While I don’t offer specific advice on setting up a will, I would strongly discourage second marriages if you and your wife ever divorce or one of you passes. Definitely don't remarry without a prenup. My parents were married for 50 years until my mom passed away ten years ago. My dad took a significant gamble that could have screwed my sibling and me. Protect the children from your first marriage at all costs is my only advice. My mom probably turned in her grave this last year from all the things she built with my dad being inches away from going to another woman and her children. [/quote] Unless the father wants the second wife to inherit everything and screw his children, like my dad did purposefully.[/quote]
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