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Unintentional Disinheritance
March 20, 2008
You may be saying to yourself, “what is he talking about?” That’s a great question so please let me explain. As I alluded to in my last post, most people dislike talking about estate planning, let alone actually take the time to retain an attorney and follow through with executing the estate documents.
For those that execute documents, the vast majority implement what I call the “I love you” scenario. This refers to a married couple that states that when one person dies the survivor inherits everything. Until the death of this surviving spouse, he or she has control at which time then, everything is left to their children equally. But, have you stopped to think about what would happen if the surviving spouse remarried and predeceased the new spouse? Hmmm. Good question. There is a possibility that all of your hard earned assets could end up in the hands of a second spouse and his or her own children. Can you imagine how that might make you roll over in your grave?
This is what I refer to as “unintentional disinheritance.” Many individuals do not think about this scenario when addressing their estate plan, but unfortunately it happens more often than you would think. The good news is there are ways to ensure that the assets you have worked a lifetime to build are actually inherited by YOUR children. When you meet with your attorney next, ask about a QTIP trust! You will be glad you did!
Posted by Dave Ciambella on March 20, 2008 | Comments (0)
