Second-marriage couples should set up a mutual estate planning agreement that’s separate from their wills
. Get exclusive investment industry news and insights, the week’s top headlines, and what you and your clients need to know.
“You’re merging different families and they all have expectations,” says Akua Carmichael, director of tax and estate planning at The Empire Life Insurance Co. in Toronto. “When you have kids involved, it can get complicated very quickly.” But without careful planning and specific measures, nothing in that circumstance can stop the surviving spouse from changing their will upon the first spouse’s death. The surviving spouse could decide to not include the deceased’s biological or adopted children in the new will, a more common scenario than not, she says.
He notes that while second-marriage spouses will often draft the wills from a blended family perspective, “many are still unwilling to go into those difficult areas of conversation for fear of offending or hurting the feelings of their spouse.” That’s especially the case if one spouse is a business owner and children from a previous marriage are also shareholders – great care must to taken to protect their interests, says Kevin Wark, managing partner of Integrated Estate Solutions in Toronto and the author of“Family businesses and second marriages can create some interesting and difficult interpersonal and financial issues that often require the assistance of professional advisors with experience in this specific area,” he says.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Airline ticket scam sees second arrest: 250 valid airline tickets sold fraudulentlyPeel police arrested and charged a Brampton woman on Friday in connection with an airline ticket scam where flight tickets were sold at a value of more than $500,000.
Read more »
Alleged $500k airline ticket scam leads to arrest of second suspectA second suspect wanted in connection with an alleged airline ticket scam in the Greater Toronto Area has been arrested.
Read more »
Ottawa Redblacks deal for another second-round draft pickThe Ottawa Redblacks continue to stack up picks heading into the CFL Draft.
Read more »
Redblacks deal for another second-round draft pickThe Ottawa Redblacks continue to stack up picks heading into the CFL Draft.
Read more »
April sentencing hearing set for man convicted of second-degree murderRead the full story and comment on Tbnewswatch.com
Read more »
Second major snowfall of the month packed a weaker punchA further 2-5 centimetres in forecast for midweek before daytime highs rise to more seasonal levels.
Read more »