What is a second executor?
Co-Executors are two or more people who are named as Executors of your Will. Co-Executors may be called on to perform certain duties together, such as going to court to submit the Will to probate or signing checks on behalf of the estate.
Do You Leave your estate to your children?
Leaving your estate to your children adds another layer of complexity. It’s important to think about who you’ve designated for your payable on death accounts, but that’s often not enough. For example, some divorce or custody agreements require that parents maintain a certain amount of life insurance to benefit multiple children.
What happens to your estate if you die without a will?
When you die without a valid will, most states will generally grant most of the estate to your current spouse. The remaining amount will be split amongst children, which can include biological or stepchildren. This can lead to unintended consequences, such as your estate going to stepchildren (if that isn’t your wish).
What to know about second marriage with stepchildren?
When it comes to second marriages with stepchildren, you need to make sure that the language in your estate planning is rock solid. Otherwise, it could lead to conflict among your heirs.
How is estate planning for a blended family?
Estate planning can be very emotional, especially if you have a blended family. This may not be a pleasant task, but remind yourself that you’re doing it for your spouse and children. When Murphy drafted his estate plan with his current wife, it was emotionally and mentally draining.
Who is entitled to the estate if there are no children?
If the deceased person was married, the surviving spouse usually gets the largest share. If there are no children, the surviving spouse often receives all the property. More distant relatives inherit only if there is no surviving spouse and if there are no children.
How does estate planning work in a second marriage?
Estate Planning in Second Marriages In a second (or third or subsequent) marriage, a spouse may feel torn between the needs of their current spouse and the needs of children from an earlier marriage.
What happens to your estate if there are no heirs?
If you die with no heirs, then your estate escheats, or is transferred, to the state of your residency, or the state where your real property is located. You may have questions about leaving property to an heir or a beneficiary. You may also have questions about how to create a will or an estate plan.
Can a family member take control of an estate?
The court has to approve the executor’s appointment. Unfortunately, it is not that uncommon to have one family member assume control over a deceased’s estate because they are the eldest or most forceful. They often take control because they are designated as the executor under the terms of a will.