Hi, I’m Wes Coulson, and this is your Estate Planning Minute.
If this is a second or subsequent marriage for you, and you have children from a previous marriage, you really need to plan your estate with a living trust, and not a will, and here’s why: In All likelihood, if you die before them you want to provide for both your spouse and your children. If you do that through a will, and you die first, then everything becomes part of your spouse’s estate and you run the risk that there won’t be anything left to your children, when your now ex-spouse later dies. If you use a living trust, you can control what happens to those assets over time, so you can provide first for your spouse, with whatever rules you want, and when your spouse dies, whatever is left will go to your children.
