How can me and my husband ensure that when we are both gone our children will get our estate?
Full Question:
If my husband and I have a will leaving everything that we own to each other, and we both have children form a previous marriage, how can we make sure that the children of the last one of us living will get their portion when we die? Example--My husband dies, I own everything, then I die. Since I owned everything when I died what would assure that his children would get his portion what was left?
03/17/2009 |
Category: Wills and Estates |
State: Louisiana |
#15658
Answer:
A mutual will is a contract between two spouses to dispose of their property in a particular way. Generally spouses verbally agree to make reciprocal wills leaving their property to each other and the will is irrevocable upon the death of the survivor. If the first spouse dies and the survivor probates the mutual will, the survivor is contractually bound to leave his or her estate in accordance with the distribution scheme in the will. If all children named in the will are to receive equal shares, the surviving spouse is contractually obligated to dispose of the estate equally to all children, including the step-children.