Estate planning and second marriage....

[flonase]

Any thoughts on what the "norm" is for a second wife and (involved) stepmom of 15 years and counting, with respect to her husband's will/estate planning and what she would be entitled to? Important factors: she and hubby have a close-knit marriage, as well as with her step-children. A lot of their time is spent doing things as a family with the children which they all seem to enjoy. Her step-children have also lived with her for years at a time [switching back and forth w/ their mom] since they were 9 and 11 years of age. She has been involved with everything from schooling, illness and rehabs to cooking dinner nightly, washing clothes, paying bills, emotional support, etc. and even hopes to be a grandmother soon, since she has no children of her own. She worked full-time and contributed monetarily to the first half of the marriage. Currently she works part time, mostly for enjoyment, by her hubby's suggestion. Her husband has become financially successfuI and they are now planning wills and finding it difficult to keep emotions at bay when deciding up the particulars.

[lady_p_gold]

Well there are lots of things to think about here. First of all both of you must plan what you both would want to happen to the estate if you were both sadly killed in a car crash or something, obviously you would want the step children to inherit. You say the stepmother has no children of her own, however she may want to make a bequest of some kind to a nephew or neice or something. So that is if you both died together. Second thing to think of is the first wife. Not knowing what the divorce settlement is, that would play a part. Did she receive a lump sum or something that meant that was the end of things, or maybe the husband would like to include her in part of his Will. You mention that emotions are stirring, it would seem that there is some conflict then. If the stepmother was a joint owner of the marital home then that would automatically pass to her on his death. I sense that there is a feeling of unfairness brewing, as she has contributed a lot to the marriage - and so one assumes that some others are being brought into the discussion of the Will and others are being left out ?? To answer the first question as it is asked, in my opinion if she has been his wife for fifteen years and has been a devoted step mother as outlined, then I think she should have exactly the same treatment in a Will as if she was the first wife. However if some consideration was given to the first wife then I would try not to be bitter about that, but put it down to my husband having a good heart, that is an easier way to live with it .

[dzug]

The legal situation is that regardless of any will she is entitled to 'reasonable' provision if she is financially dependent on her husband - and it sounds as though she is.

What 'reasonable' provision is is another matter. One way of approaching it would be to look at how things would be divided up if there were no will. This is intended to represent an average of what people who make wills actually do (personally I doubt if it really does). She would get personal possesions, the house (if it was a joint tenancy), �125,000 plus a life interest in half of what was left.

The other point to consider is Inheritance Tax - a lot of financial advisory firms run free seminars on this and it would be worth attending one.