My husband and I are in our second marriage, figuring out wills and estate planning.

Shannon (Guest) on Wednesday, September 26 2012, 09:45 AM
We don’t have a lot of property, a house in Tewksbury that we own together and our personal belongings. He has a will that leaves his belongings to his daughter whom I don’t like and don’t get along with. If he dies before I do, how do I know his belongings will be distributed equitably?
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    Replied by Attorney Allan Baron on Tuesday, October 02 2012, 07:58 AM · Hide · #1
    A second marriage brings with it several legal issues and matters you must consider. You have identified a few: Should I have my current will reviewed? What assets/liabilities pass within and outside of my will? How do I coordinate leaving assets to the children of my first marriage and my husband of a second marriage?
    Moving through the following process should help you and your husband:

    1. List all assets and liabilities that you separately came to the marriage with, including real estate and trusts, cash/checking/savings and investment accounts; retirement accounts, life insurance policies, employee benefits, credit cards, mortgages and loans, etc.

    2. Next identify how each account is titled because this may affect how a particular asset is transferred after death regardless of what your Last Will provides for.

    3. The next step is to designate next to each item, the person to whom you wish the asset/liability to go to.

    4. Finally make a list of any joint assets/liabilities you and your husband hold. Write down how they are titled and designate to whom you wish each of these items to pass.

    5. The final step is to get appropriate advice from your financial, legal and insurance team of professionals or research the matter on line. It is important that you have one professional act as a “general” to take the lead and coordinate with the other professionals in ensuring you are provided with an “estate” plan that is best suited for the individual and common needs and desires of both you and your husband.
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