Mom Is Getting Married Again - Will I Lose My Inheritance?

Your Dad died a few years ago and Mom has met a nice fellow at the senior citizens center. They plan to marry.

Dad left a nice nest egg to Mom to live a good life. He wanted his kids - you and your sister and brother - to get the benefit of his business success and estate planning.

Now that she is planning to remarry, you and your siblings are concerned that Dad's assets may go to her new husband if Mom dies before him.

That's a very legitimate concern.

Of course, if Mom wants husband number 2 to get your family assets that could happen.

If Mom wants you and your siblings to get a share of the family assets, it is very important that she and the family make decisions BEFORE the wedding.

Here are some possibilities under Minnesota law.

Mom could get a prenuptial or premarital Agreement done with her new husband before the wedding.

A prenuptial agreement is a somewhat complicated document that safeguards certain family assets usually for the children of their first marriage. This document should be drafted by an attorney experienced in prenuptial agreements and should be done well in advance of the wedding so it is done with care and making sure all assets are accounted for.

Mom could gift some assets to children or other family members before the marriage. This has many risks and Mom and the children should carefully consider all the implications of this step. They should also consult with an experienced professional.

It is possible to use "transfer on death" deeds or "payable on death" bank accounts to assure that Mom's children get the assets that she and Dad intended.

Another possibility is for Mom to create a Revocable Living Trust that would transfer family assets before or after her death.

In all of these cases, it is a good idea, if possible, for the new husband to be in agreement with the estate plan. Nowadays, people live longer and are healthier well into old age; the possibility of a second or even third marriage of a surviving spouse is very likely.

The family and Mom should think about it and take action so they are not surprised later if the new spouse may get the family assets.

Careful planning with an estate planning professional is a vital step.

The contents of this article are for information only and is not to be interpreted as legal advice. For personal legal advice you should consult with an attorney who is experienced in probate law or estate planning. The U.S. Treasury Department requires us to advise you that any written tax advice cannot be used and is not intended to be used by any taxpayer for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code. Written advice from our firm relating to any Federal Tax matters may not, without our express written consent, be used in promoting, marketing or recommending any entity, investment plan or arrangement to any taxpayer.