Legal Question in Wills and Trusts in New York

Re: What if something happens to her

If your new wife dies, everything she owns will pass to whomever she designates in her Will. If she excludes you from the Will, your only recourse is to elect your spousal share of her estate, which is only 1/3 of the assets. I suggest you have you wife create an irrevocazble trust into which all assets will be placed. You can have a "life estate" in the assets, and then the trust should pass the assets to your children, if any, or each of your heirs, as you agree your assets would pass to if you had no children.

You are greatly exposed by continuing to have her own all the assets exclusively, especially if there were another divorce or she predeceaes you and leave the assets to someone else.

The irrevocable trust will also protect the assets in the event she incurs any liabilities (e.g., an auto accident with insufficient insurance). I suggest you do this promptly. I have been doing these trusts (for estate planning, asset protection, etc.) for many years and can assist you. You can call me at (973)-377-3313 to discuss the rationale, what can be accomplished and how you can be protected.

Walter