Estate planning for second marriages is difficult. There is a constant tension between ensuring the continued support of the surviving spouse and ensuring that the decedent’s children are not disinherited. Here are some options and recommendations. (In the interest of brevity, I will use “husband” to refer to the first spouse to die, and “wife” to refer to the surviving spouse.) Continue reading
IRAs, 401(k)s and retirement plan benefits are frequently the most valuable assets we own. A common assumption is that signing a will takes care of these items. It doesn’t.
A little-known secret for Oregon residents is that your will is revoked when you marry. As a consequence, your property passes as if you had no will. If you have children from a prior marriage, your estate will be evenly divided between your children and your spouse. And if you have no children, your spouse will receive everything. This is usually a huge shock to children, grandchildren, nieces, nephews, charities, etc. that are named as beneficiaries under your will.