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Existing Step Family Estate Issue

jswift
New User

Post #1 of 4 (4838 views)

Existing Step Family Estate Issue

My husband & I live in Missouri & have begun looking into estate planning. We are a blended family - 2nd marriages for both of us. One of us has 2 children from our previous marriage, the other has 1 - 3 kids in total. We have been married for about 15 years & the majority of that time we have had custody of all 3 children. They are now 20, 18 & 17. What is the "right" way to divide our estate in both of these cases - 1) something should happen to both of us at the same time, 2) something should happen to one of us?

jswift
New User

Post #2 of 4 (4745 views)

Re: [jswift] Existing Step Family Estate Issue [In reply to]

When would someone be able to answer this question? Thanks.

the_admin
Remarriage Forum Moderator / Moderator

Post #3 of 4 (4741 views)

Re: [jswift] Existing Step Family Estate Issue [In reply to]

This is not really a legal question but a financial one. Since we really only have experts answering typical questions that are not case specific you should contact a financial planner. There are too many variables that could affect the asnwer, sorry.
I Do - Take Two Moderator

Legal
GettingRemarried.com Legal Advisor

Post #4 of 4 (4722 views)

Re: [jswift] Existing Step Family Estate Issue [In reply to]

Even though this is a financial question, not a legal one, I can tell you that there is no "right way" to divide an estate. This is a purely personal decison. However, based on the fact that you and your current husband have had custody of all 3 kids for most of the last 15 years it would probably make the most sense to execute wills as follows:

If one of you were to die - all assets to the other spouse with the understanding that the surviving spouse would leave equally to the 3 children. If both of you should die simultaneously then assets go to all 3 kids exqually.

Of course, I would recommend you get a consultation with a financial advisor and an attorney to draw up the wills.
M. Giordano
Legal Advisor