Legal Question in Wills and Trusts in Illinois
Second marriage, Blended family and business owner needs advise
This is both of our second marraige, we both have custody of 2 children from our first marraiges, and we have no children together. We are about to go into a potentially very sucessful business as equal partners and I have requested that we have a will made up, neither of us have done this since we remarried. There is great hesitation from my husband. From issues that I wont address in this question there has been several attempts on his part to hide money from me. I need to know some options and areas to bring up when we go in for our visit with his attorney which is in about one month. I suggested that when one of us dies the living spouse would receive all, and when the other one dies then the monies be divided equally between all 4 children....He didn't like the suggestion and will not offer any on his behalf. I am fearful because I am not knowledged in the law area to protect myself and my children in our future because of the decision of the will prepaired. Please give me guildlines as to what to watch for and request.
Thank you,
CH
1 Answer from Attorneys
Re: Second marriage, Blended family and business owner needs advise
It is not uncommon in a second marriage situation for each of you to retain separate attorneys to create your estate plans. If this attorney is HIS attorney, then he does not represent YOU or your best interests. You possibly should have a partnership agreement and/or a post-nuptial agreement made in addition to wills and/or trusts. You may alos have tax issues that should be addressed. Understand that wills are changeable any time prior to death, so if you leave him everything in your will , there would then be nothing to stop him from changing his will and leaving everything to HIS children and not yours. Trusts can be a great way to deal with this. I recommend that you retain your own estate planning attorney to, at a minimum, advise you of the ramifications of what your husband and his attorney are proposing. Good luck.
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