If you have followed my columns, you know that I rarely use the expressions “always” or “never.” My usual expression is “it depends.” However, I might break that rule in one circumstance and that is regarding second (or subsequent) marriages and the need for an estate plan instead of just Wills. Wills affect only probate assets, those titled in your own name, not jointly titled, and have no beneficiary designation. An estate plan looks at the whole picture and considers who will receive what on your passing regardless how the assets are titled now. The lawyers of helps not only with estate plan which considers Wills but also makes sure that joint titling, transfer on death and beneficiary designations are consistent with the results you want on your passing.
For second marriages, I might even go so far as to say that every second marriage needs an estate plan. Beginning with those least affected I will explain why.
Esquire, Colliton Law Associates, P.C. Janet Colliton has practiced law for over 38 years, 37 of them in Chester County, Pennsylvania, a suburb of Philadelphia. Her practice, Colliton Law Associates, PC, is limited to elder law, Medicaid, including advice, applications and appeals, and other benefits planning including Veterans benefits, life care and special needs planning, guardianships, retirement, and estate planning and administration.