In today's world, the percentage of "traditional" families with a husband and wife, married for the first and only time, with children and grandchildren, is decreasing. In its place is a growing number of second and third marriages, common law arrangements, same sex relationships, children born outside of marriage, and other forms of "non-traditional" families. To provide for these situations at your death, a properly drafted Will is the only way to ensure that those who are most important to you share in your estate.
Marriage immediately revokes (cancels) an existing Will. As a consequence, both spouses would be intestate, or without Wills. This means that the government rules dictate how the estates of each spouse will be distributed. Depending on the size of your estate, and the assets in it, your new spouse may receive far less, or far more, than you might have intended. The amount available for children from prior marriages may be different from what you would have wanted. For modest estates, often children are almost totally cut out on an intestacy. In larger estates, the proportions going to spouse and children may be quite different than you would have expected if proper Will planning had taken place. Despite the above, it is important to note that if you are getting married and would like to prepare a Will, there are ways to draft the Will to ensure that it will not be revoked upon your marriage. For more information concerning Wills, do not hesitate to visit our Wills page or stay tuned for more Wills "Hot Spots" on our blog.
If you would like to meet with us to have your Will prepared, please do not hesitate to contact us.
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