Many couples would like to provide for their spouse in their wills, but also make sure their respective children from a previous marriage receive an inheritance. They worry that if everything is left to the surviving spouse, then the survivor’s children will receive it all at the second death. It’s a very valid concern, and there are ways to deal with it.
One good solution is to create a trust, whether during lifetime or in a will. The trust can take care of the surviving spouse by distributing the income and even invading the principal if necessary for the survivor’s health and support; but at the survivor’s death, the trust will distribute the remaining assets according to the trust creator’s plan.
For example, if the husband has two children from a prior marriage, and the wife also has two children from a prior marriage, they could create a joint revocable trust that would provide for the survivor of them, but at the second death, divide the assets equally among the four children. Or if the wife brought significantly more assets to the marriage than the husband, it could provide that the assets would be divided 70% to her children and 30% to his.
If the couple is living in a home that was owned by the husband before the marriage, another option would be for him to provide in his will that the wife has the right to live in the house for her lifetime, but at her death, or if she remarries or moves out, ownership passes to his children.
Under Georgia law, if a married person with children dies without a will, the estate is divided equally among the surviving spouse and the children, with the surviving spouse receiving a minimum one-third share. This could have a negative impact on a blended family.
For example, a woman who married a man with two children from a prior marriage might find herself widowed and living in a house now owned two-thirds by her stepchildren who might make things very uncomfortable for her because they wanted the house sold. On the other hand, if the widow was financially well off and didn’t need an inheritance, but his children did, the widow would still receive one-third of his assets.
Proper estate planning is essential for everyone, but doubly so for blended families. Many couples don’t want to discuss it, because there may be sensitive issues involved; but failing to have that discussion often causes family conflict and unintended results when someone dies. Talking to an estate planning lawyer to create a plan that works for your family is a responsibility that should never be overlooked.
Need help creating a plan that is right for your family? Call the Estate Planning Law Group of Georgia at 770-822-2723 or contact us through our website.
Contact the Estate Planning Law Group of Georgia
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