The SZE team understands that each estate planning case is unique needs a roadmap that is just right for that case. We also know that life doesn’t always end up as you planned. Any person who is currently married but has children from a prior marriage or relationship has a unique estate planning situation. Most of these individuals want to provide for their surviving spouses (if the individual is the first to die) but they also want to make sure that their children receive some or all of their assets when the surviving spouse dies. Because wills are always revocable during the testator’s lifetime, this can become a problem. If the entire estate is left outright to the surviving spouse, the surviving spouse can change his will and leave nothing to the children of the spouse who was the first to die.
One way to remedy this problem is through the use of a revocable trust, with provisions which allow the surviving spouse limited (but generally adequate) use of estate assets during his lifetime, but then distributes the assets to the children upon the surviving spouse’s death. Depending on the situation, it is also possible to guarantee an inheritance to the children through non-probate assets or through an irrevocable life insurance trust. Because each situation is different, individuals facing this problem should consult with an estate planning attorney to make sure that their wishes regarding the distribution of their estate are met.