Content Overview
- Summary
- What To Think About If You Want To Leave People Specific Assets
- Information to Gather To Prepare For Writing A Will
- How To Decide Who Your Beneficiaries Will Be And What Each Will Receive
- How To Choose A Personal Representative/Executor/Personal Administrator
- A Few Things To Think About If You Have Minor Children
- What To Do If You Want Your Heirs To Divide Your Personal Property Among Themselves
- What To Consider If You Are Leaving Property To Charity
- What To Consider If You Want to Disinherit A Spouse Or Child
- Considerations If You Are In A Second Marriage
- What To Do If Your Estate Is Larger Than The Estate Tax Exemption.
How To Prepare To Write A Will
Considerations If You Are In A Second Marriage
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If you are in a second marriage and have children from your first marriage, you may want to leave everything to your spouse with the understanding that he or she will then provide for your children in his or her Will. Give a lot of consideration to this idea before executing it. The agreement may not be binding. If it is not, your spouse can exclude the children that are not also his or her children. Your spouse may even have additional children after your death.
One way around this potential problem is to create a trust which gives your spouse access to the assets while he or she is alive, but leaves the remainder to your children upon your spouse's death.
NOTE: Instead of naming your spouse as Personal Representative/Executor, consider naming an independent person. This will avoid conflict between the spouse and your children.
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