Tag Archive for blended family

Second Marriage? No Will?

Minnesotans in a 2nd marriage that fail to sign a Will before death may fall victim to unintended consequences.

Minnesota law applies when there is no Will, and those laws may not be what the parties to the 2nd marriage expected.

For example, spouses often expect to inherit all of their deceased spouse’s assets even when spouses are in a 2nd marriage. That expectation is wrong if the deceased has children from a 1st marriage and the deceased did not create a Will giving everything to the surviving spouse. When there is no Will, but there are children from the deceased’s 1st marriage, Minnesota law states that the surviving spouse is to receive “the first $225,000” plus ½ of the rest. The other assets go to the deceased’s descendants. » Read more..

Benefits of Estate Planning

Let’s admit it: We care about how we are remembered after death, and also about what happens to our lifetime accumulation of financial and other assets.

Thus, it’s foolhardy to think that we can keep putting off estate planning on the premise that death is still a long ways away, or that everything will somehow work out (miraculously) according to our wishes if we do nothing. » Read more..