How saying “I do” for the second time can affect your life’s legacy

Fred was married for 52 years to Ana. Ana passed away five years ago. Fred, at 80, found a younger woman and got remarried. There is nothing wrong with marrying again. In fact, Fred is happy again and his children are happy for him.

What Fred failed to calculate is that by remarrying, his new wife has rights over the house they live in. The house he built with his first wife and the mother of his three children is now to be used by his new wife for life, if something happens to him. He always knew and agreed that the house he bought with his first wife and where his children grew up, would always go to their three children. But this may take many years before it happens or may never happen at all.

The law has no feelings. It is the law, and it protects the new wife.

Things to consider when you are remarrying:

• The new spouse will be entitled to a one/third of all your assets.
• The new spouse will have the right to live in the homestead (primary residence of the parties) even if only on the deceased’s spouse name or may choose to sell the property and keep 50% interest in the property.
• In order to disinherit your spouse, your spouse must consent in a pre-nuptial agreement or post-nuptial agreement, or by signing off on the deed to the property.

Before you marry again, it is wise to seek the advice of competent counsel and that you know all your rights and how your life changing decisions can affect your dreams and desires.

Do not make uniformed mistakes. Seek the right advice before things can no longer be changed. That’s what estate planning is really about — planning ahead to make sure the future is the way you picture it. At Life Planning and Beyond, this is what we do.

Can we have a box at the end with the phone number or ask for more info? or both? at the end of each blog post?