Many people think of writing upa willwhen it’s too late. One will and estate planning surveyrevealedthat only 32% of Americans have a will in place in case something happens. Experts often urge people to get it sorted early, but even if the majority of Americans agree it’s important, they still don’t have a will.
If this husband had it, his current and ex-wife would have avoided a lot of drama. Theex-wifedemanded the widow share the deceased husband’s estate with the children from his first marriage. But the woman didn’t feel that was fair, so she decidedto askthe Internet’s opinion: should she give something to his other two children?
We reached out to Wealth ConsultantCatherine Valega, CFP, and she kindly agreed to comment on the situation. She toldBored Pandamore about why estate planning is so important and what financial tools people with children from previous marriages should use. Read her expert insights below!
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This woman faced a dilemma about her deceased husband’s estate: to share it with her stepkids or not
Image credits:Dimaberlin / Envato (not the actual photo)
So, she decided to consult with the Internet and asked netizens for some advice
Image credits:Pressmaster / Envato (not the actual photo)
Image credits:lifefail4
People should start thinking about estate planning even if they’re young
A partnerpassing awayis a major life adjustment. According to thePew Research Center, 55% of breadwinners today in the U.S. are still men. So, if a tragedy happens and the husband passes away, the wife has to fend for herself financially.
The author of this story doesn’t specify whether the husband did any estate planning. She does, however, mention that he had life insurance through his workplace, but, apparently, it “barely covered the funeral.”
Certified Financial Planner Catherine Valega tells Bored Panda that estate planning is something people of all ages need to think about. “Way too many people avoid this,” she says. Valega points out that people can do this even with “easy online attorney-ish softwares” if they lack the funds for a lawyer. Still, she admits that paying an attorney would always be preferable.
“If you’re young and healthy, get a large-term life insurance policy,” Valega recommends. “Review beneficiaries – often,” she adds. “They do change! And if you don’t change [it] when you get remarried, your ex-wife may wind up with everything.”
However, in a particular case like this, according to Valega, it’s best to contact an attorney. Which, it seems, the author has already done. “Legally, I get everything,” she wrote in a comment. So, her dilemma is not a legal one but a moral one.
Estate planning in blended families is complicated and very personal
Image credits:DC Studio / Freepik (not the actual photo)
Experts at Ellis Lawsaythat proper estate planning would definitely guarantee the financial safety of the children from a first marriage. In general, these types of situations require very good communication in theblended family, as it is a very sensitive topic.
A partner might take dividing the estate as an insult. In most cases, after all, a spouse inherits their deceased partner’s estate. A decision to divide the estate might, in turn, divide the couple as well.
No one can really tell the OP what to do in this situation. Hopefully, after reading the input from many netizens, she finds it easier to make a decision.
Many people told her to consult a lawyer, and others gave her some practical tips
Some sided with the author, saying that it was the husband’s job to include his children in the will
Others called her selfish for not being more considerate toward her stepchildren
Many shared similar experiences and stories
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