Some people act as though they don’t care what happens to their wealth once they pass on. They’ll be dead; they won’t know. Others, however, have strong feelings about how their hard-earned assets are distributed. And some might find the idea of their spouse’s next spouse spending their money unacceptable. You’ll find the following column interesting if you’re in this final camp. It was published online at Los Angeles Times, on 7/2/23. Liz Weston wrote it.
“Dear Liz: I want to make sure that I leave an inheritance for my son from my first marriage. I remarried 12 years ago. My husband has no children. I do have a prenuptial agreement. My husband and I are financially fine. We own our own home and have adequate investments. I wouldn’t want to leave my husband without necessary funds, and he says he’ll make sure that my son gets an inheritance. But my husband’s father had dementia, and I am concerned that if my husband develops it, he may spend all the money on impulsive purchases. He has a tendency to make impulsive purchases now that we can afford them. What might I set up to ensure that my son receives an inheritance?
Answer: If you don’t make specific plans to leave money for your son, he may not get an inheritance even if your husband doesn’t develop dementia.
To put it another way: if you don’t want your spouse’s next spouse to spend your money, then talk to an estate planning attorney about your options.”
This is an excellent example of people facing up to unpleasant “what ifs” and making plans for them. We should all do this, but admittedly, it isn’t easy. Especially when it comes to thinking about those we care about in a less-than-positive way. I always encourage my clients to be honest with themselves, for example, about how well their adult children will get along regarding the division of assets. In some cases, just saying split among you can be fine; in other cases, it can lead to bitter disputes that tear siblings apart forever. As an estate planning attorney with many years of experience, I’ve seen just about every family dynamic there can be. I understand. So if it is time to update or create your estate plan, let’s work together to ensure it is legal and binding and considers your unique situation. You can schedule a consultation with me from my website www.davidlefton.com or at 513-399-7526.
Source: Los Angeles Times 7/2/23 Liz Weston