TALK WORD

If you have children from two or more marriages and want to protect them all, please, please go see a lawyer now. And if you have more than $600,000 in assets, want to protect all your children, and don’t go to see a lawyer, you are being tremendously irresponsible to yourself, your money, and your children.
In the case of my friend’s family, let’s imagine that Pop and Mom do manage to get their act together and, with the aid of a bypass trust, leave the business to Tim and Daniel in the most respectful way possible. But Tim and Daniel don’t follow suit; they keep their wills. Let’s say Tim dies first, the business goes to Daniel, and Daniel’s will says everything goes to Christine, who in turn has a will leaving everything to her children. What about my friend She? What about Tim’s own children? Did he mean to disinherit them? Did he intend for Daniel’s kids to get the whole business and his to get nothing? That’s not what he meant, but that’s what could happen. Or if Daniel dies first, did he mean for the same scenario to happen to his children? No, of course not. Both brothers need to set up revocable living trusts themselves to protect their families, as well as each other.