Second Marriages and Estate Plans

Getting married revokes a previous will, unless it states it is made in contemplation of the marriage to the new spouse.  In second marriage great care should be taken in estate plans. Usually parties in second marriages have children from a previous marriage and may have more children in their second or even 3^rd marriage. In these case it is important to outline the plans the spouses make for each other and their children, This is where a marriage contract should be used in conjunction with new wills and power of attorney’s.   A holistic approach is valuable, including the advice of the party’s financial planner, insurance agent and tax accountant if applicable.  This is to put in place life insurance, designation of beneficiaries to RRSP’s and other securities and holding assets jointly. To put in place a financial plan that look after each spouse and their respective children and step-children.