Posted by Dave H (MI) on December 04, 2022 at 07:44:17 from (50.108.85.231):
In Reply to: how about a Will posted by olgentdc on December 03, 2022 at 18:49:44:
As someone who works on estates every day, here is some short advice. I am a CPA not an attorney. I don't set up these things, I work with the mess afterwords. Check out probate costs where you are. In Michigan a trust is usually a better route. Go see an attorney who SPECIALIZES in these things and discuss it. IF you have children that are not your wife's children be absolutely certain that you protect them in your will or trust. I have seen more than one case where the second wife was sole beneficiary of an (your) estate/trust and her children were the beneficiaries of her estate/trust so that, when she passes, the children of the first wife have lost their inheritance. This is sometimes intentional on the part of the second wife, but often is just an oversight.
Same advice I get paid for on a routine basis. You should see the faces of some of these people when they realize what I am telling them. Even if you are still married to your first wife, make sure your children are covered. She could remarry after you pass. I have seen some terrible situations.
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