You Do Not Have To Choose Between Your Spouse And Your Kids

15 May 2022 · 1 min

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0:39

In this short advisory video, the speaker warns remarried individuals with children from a prior marriage that a traditional will can force a forced choice between providing for a new spouse and preserving assets for their children. He explains that without a will, state intestacy laws split assets between spouse and children, which may not meet the spouse’s need for lifetime income. The speaker proposes using a trust as a solution: a trust can safeguard the assets intended for the children while simultaneously supplying income to the spouse during their lifetime, thereby addressing the unique challenges of blended families. He invites viewers to comment with questions, suggests they can “fight” (likely meaning discuss or engage), and encourages them to follow the channel for more guidance on handling blended family estate planning.

Chapters

Do not allow yourself to be forced into making a decision between your spouse and your kids. If you've remarried and you have children from your first marriage, a will forces you to choose who to benefit more, your spouse or your kids. And if you have no will at all, state law will split your money up between your spouse and your kids, whereas your spouse may need that money to live on during her lifetime. A trust can solve these problems entirely. A trust can protect the assets that you want to go to your kids, yet provide an income to your spouse, give during their lifetime. A blended family presents unique problems that can only be adequately addressed by a trust. Put your questions in the comment section. Let me know if you wanna fight and follow this channel to learn how to handle blended families.