Genders and Partners

Wills and Estate Planning Adelaide: Estate Planning after your First Marriage

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Estate Planning after your First Marriage
Estate planning for your second or subsequent marriage is more of a challenge than it was the first time around.

If you have children from your first marriage, then those kids may have an entirely justified concern that their new step-parent could throw a big roadblock in the path of their inheritance.

When you got married again, it automatically revoked your previous Wills. If you don’t make a new Will after the latest marriage, the law of the State where you live will create a default Will for you, according to a statutory formula which probably won’t suit your intentions.

If you simply made an “I Love You” Will (leaving everything to your new spouse), then your kids from the previous relationship(s) will be forced to sue your deceased estate to ensure they receive their inheritance. This is because your kids probably would not be able to claim against the deceased estate of your current spouse.

It can get complicated. So you had better take the time to work with a lawyer who specialises in estate planning – someone to guide you through the process of planning your estate to be fair with everyone and minimise family fights

An experienced estate planner will help you to provide for the older children, as well as the younger spouse, and any younger children. There can be many family property issues to address and guard against.

You may need help to carefully select appropriate executors and trustees, and guardians for your infant children. Testamentary trusts may have to be set-up to protect inheritances for younger beneficiaries.

You will definitely want to discuss preparing for disability and end-of-life decisions, and the importance of keeping your plan current.

Rod Genders is a senior Australian lawyer specialising in accident compensation and estate planning in Adelaide. His boutique specialist law firm is one of the oldest and most respected in Australia – visit it at www.genders.com.au . Rod is also a prolific author and speaker.  Some of his articles and books on Wills, Probate, Trusts, Estate Planning, Asset Protection and Retirement Planning may be found at www.genders.com.au/adelaide-lawyer-blog.

SPECIAL REPORT “7 Things You Must Know Before You Make Your Will”

In this report you will Learn:

  • Why home-made Wills can be a LOT more expensive than you might think.

  • The secret weapons used by the rich & powerful to protect their assets, and transfer their wealth two or three generations ahead.

  • How Estate and Trustee Companies make BIG money from “free” Wills.

  • The Most Common Estate Planning Mistakes, how they can cost your family a fortune, and How to Avoid Them.

  • The Elements of a Sound Estate Plan – why a Will alone is not enough.

  • How to Make Sure Your Assets Stay in Your Family and are not lost to creditors, lawsuits or ex-spouses.

  • How to guard against challenges to your Estate after you’re gone.

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