Inheritance from step mother

[singledad99]

This is brand new issue that is bothering me and I am hoping someone could suggest a way out of it.

I am remarried and have children with new wife. If I die today, my new wife will become the owner of everything I have...no issues with that.

Assuming my wife survives me and dies later on. Who will inherit her? Will my son from first marriage be one of her inheritors? If the answer is negative, how to protect my son's rights who is from the first marriage?

Thanks for your feedback.

 

[Mess]

Your wife automatically gets your full estate if you die without a will.

Your wife automatically gets half of your estate if you die with a will (same rights as if you divorce.) You may leave half of your estate to your son in your will, that is one way to do it.

You could possibly leave everything to your wife with a clause that she must half the estate (or more) in her will to your son. However there is nothing that would guarentee she wouldn't blow the whole amount in Vegas the day after you pass away. (I'm being a bit silly, but hopefully you take my point.)

There may be more ways to deal with it, you should discuss this with a lawyer. I certainly wouldn't try to set up anything complicated with a do-it-yourself will kit from Staples.

 

[mcdreamy]

Assuming my wife survives me and dies later on. Who will inherit her? Will my son from first marriage be one of her inheritors? If the answer is negative, how to protect my son's rights who is from the first marriage?

If you leave everything to your wife, and you die first, there is no possible way to control to whom she bequeaths her estate.

As Mess suggests, in your current will you can split your estate into proportionate shares, i.e. 1/3 to your son; 2/3 to your new wife (or whatever proportionate share you desire).

As well, you can purchase a life insurance policy specifically in trust for your son, and when you pass those insurance funds would be transferred to your son. Do you have one now in place for cs obligations?

I had my will set up where house/joint accounts went to new spouse automatically; remainder 1/3 to my daughter, 2/3 to my new spouse; together with a life insurance policy designated with my daughter as sole beneficiary (for the purposes of paying any required cs, if I died while she was still a minor/"child of the marriage").

Definitely not something you should create with a Staples kit.

 

[randomjohndoe]

This is brand new issue that is bothering me and I am hoping someone could suggest a way out of it.

I am remarried and have children with new wife. If I die today, my new wife will become the owner of everything I have...no issues with that.

Assuming my wife survives me and dies later on. Who will inherit her? Will my son from first marriage be one of her inheritors? If the answer is negative, how to protect my son's rights who is from the first marriage?

write a will

 

[OrleansLawyer]

Your wife automatically gets your full estate if you die without a will.

Unless you have children. If you have children, a spouse receives a preferential share - in Ontario, $200k - followed by either 1/2 of the residue if there is one child or 1/3 if there are two or more children.

Your wife automatically gets half of your estate if you die with a will (same rights as if you divorce.)

It is not automatic; she must apply for it. She would receive whatever her share if you had divorced on the day you died - which could be as much as one half but could also be significantly less, or nothing, depending on your respective NFP.

You could possibly leave everything to your wife with a clause that she must half the estate (or more) in her will to your son. However there is nothing that would guarentee she wouldn't blow the whole amount in Vegas the day after you pass away. (I'm being a bit silly, but hopefully you take my point.)

If the property is hers then you cannot compel her to do anything. If it is in trust or a life interest then that is another matter.

As well, you can purchase a life insurance policy specifically in trust for your son, and when you pass those insurance funds would be transferred to your son.

This is a very good idea. If your son is young, consider leaving the insurance money to a trustee for his benefit. Also keep in mind that insurance payouts are paid directly and therefore not subject to probate tax.

write a will

If you don't have one, you should.