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Old 04-02-2012, 02:39 PM
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Epona Epona is offline
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Default Wills changing with time...

I think when most of us were married, we made our (then) spouse the beneficiary of our estate.
Then we got divorced, and (if have kids) made kid(s) our beneficiaries, though the estate will be held in trust until they are age of majority and guardianship goes to the other parent (btw, guardianship assigned in a will is only temporary, until assigned by court).
Then some brave souls, decide to remarry.
They have a spouse who is not a biological parent of your child(ren). How do some people arrange their estate? All to spouse and nothing to kids? Do they split it? (Joint tenancy on house, so spouse gets house) and kids get the rest?
Just curious how some people have changed their wills to reflect changing circumstances...
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Old 04-02-2012, 03:05 PM
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maybe a new seperate life insurance policy made out to previous - with everything else made out to current?

Just an idea.
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Old 04-02-2012, 03:47 PM
tiredofthisnow tiredofthisnow is offline
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Not sure if brave or "stupid" is the correct word for remarrying Actually very happily remarried, one child with current spouse and I have 3 others.

At the time we prepared our wills, we looked at the ages of our children. Due to the fact the others were quite a bit older, we split it so that the youngest would benefit, getting 5/8th's of everything while the older children still received something but not as much as they would be able to manage without a guardian. (i believe it was similar to this, can't remember for the life of me what the actual breakdown was)
Of course they all have stated what they would like from the house which is fine, it was the money that I had a hard time dealing with but the split worked and the kids are fine with it.
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Old 04-02-2012, 09:21 PM
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Quote:
Originally Posted by wretchedotis View Post
maybe a new seperate life insurance policy made out to previous - with everything else made out to current?

Just an idea.
That's what I did. A separate life insurance policy for $250,000 to our dd set aside in trust, and then everything else to my current.
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Old 04-03-2012, 11:48 AM
first timer first timer is offline
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I have a will with my wife that leaves everything (house, possessions, etc.) to her in the case of my death and vice versa; we both have life insurance policies; a joint one between us; and one that secures my child support in case of my premature death; in the event of both of our deaths, everything is split equally between our 3 kids (combined family) with an executor/trustee named for them. They get the first half when they reach the age of 21 and the second half at the age of 25. They have RESPs to cover their post secondary education.
Note: Executor/trustee is not my ex but trusted family members.

Last edited by first timer; 04-03-2012 at 12:00 PM.
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