From our “Ask a Question” mailbag: I am married to my second wife and live in Chester County, Pennsylvania. We have been married for many years and everything we own is in joint names. I don’t have a will. If I die first, don’t my children from my first marriage get part of my estate?
If everything you own is held jointly with your wife and she survives you, then she has the right to take all of your assets. Your children will get nothing. Your second wife has no obligation to give your children anything, so she could disinherit them at her death.
Estate planning for second marriages can be a bit tricky, and it sounds like you want your children to inherit something at your death, so I suggest that we review your assets and come up with a plan. This could include moving some assets into your name alone, purchasing some life insurance for your children or even creating a Contract to Will with your wife. There are many options, lets talk and find the option that best fits your situation.
If you have any other questions about estate planning in Chester County, feel free to contact our office for a free consultation.