Estate Planning with Second Marriages
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by: SchneiderLawOR
Word Count: 2535
Date: Tue, 31 Jan 2012 Time: 11:40 PM
Estate planning for clients who are in their second marriage often presents some
challenges that are not present where the clients are in their first marriage. Sorting
through a confusing mix of what belongs to whom, and who gets what belonging to
whom, can produce feelings of hurt and resentment. This is particularly true when the
parties have different expectations for the settling of their estate. Usually both husband
and wife in a second marriage want to leave an inheritance to the children from their first
marriages, any children they have had together, and their spouse. In order to accomplish
that with a minimum amount of emotional turmoil, it may be helpful to meet with an
estate planning attorney. An attorney can help insure that both husband and wife are
comfortable with the choices they make for distribution of their final estate.
Generally, spouses want to leave their spouse enough to insure a comfortable life and
they also want to ensure that the children from their first marriage inherit part of their
estate. In a will or trust specific bequests can be made for the children. A trust can be set
up to provide funds for the surviving spouse to live on, with any unused amount to be
passed to the first deceased spouse’s children upon the surviving spouse’s death. If the
surviving spouse’s ability to manage money well is an issue, a professional trustee, such
as a lawyer, can be named to administer the trust.
In order to better understand the avenues available to you when making your estate plan,
set up an appointment today with our office.
About the Author
Experienced estate planning attorneys Portland OR of the Law Offices of Richard B. Schneider LLC offers estate planning and business planning resources to residents of Portland OR. To learn more about these free resources, please visit www.rbsllc.com today.
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