A client recently called about a problem that occurs all too often. “It has to do with two of my favorite characters,” Bob Beachy says. “They are known colloquially as Fifi and Ramon, evil step-parents or simply second spouses after a death of one spouse and parent.” When Dad dies, his personal property is often left to his wife with the certain comfort that she will in turn leave the family heirlooms to their children. Since Mom’s life expectancy may be many years before she passes on, it may not be reasonable to expect her to live out the rest of her life without a new husband. Enter Ramon (If Mom dies first, substitute Fifi for Ramon and you might see the same result). Now, for the unforeseen events.
Photo credit: TerryJohnston / Foter / CC BY
Most parents do a good job of protecting the family assets when Dad dies with a trust for at least part of the estate, but that doesn’t necessarily foreclose Mom from making some provision upon her death for a second spouse who shared her life for many years with genuine love and devotion. Mom may inadvertently leave her personal property to Ramon when she dies. That doesn’t mean that Ramon will share Mom’s love and affection for her children, particularly if he has children of his own. Unless there is a good trust or prenuptial agreement in place, Ramon is free to dispose of part of what had been Mom and Dad’s assets as he chooses upon Mom’s death. What if he leaves the personal property he has inherited from Mom to his own kids, including the family heirlooms? One would hope that Ramon’s kids would make sure Mom and Dad’s kids get those heirlooms, but that depends on their sense of what is right instead of what is legal. People who are strangers to the line of descent or the person from whom valuable or sentimental heirlooms have descended may end up with them and refuse to share with the very people Mom and Dad wanted to have them. You might say this situation envisions a bunch of “what ifs”, but it happens far more often than you might think. This can be avoided with thoughtful legal planning and drafting, but without the use of good estate planning, including prenuptial agreements, trusts or will provisions, some people who never knew Dad may end up owning some of his or Mom’s keepsakes which have no special meaning to them. These things often go to an estate sale where Mom or Dad’s descendants have to buy back the family heirlooms. Sometimes they just go in the trash. Call us to help with this planning issue. Or you can just trust that Ramon’s kids will do the right thing, whatever that is.
