QUESTION
As we live in a community property state, do I also need to include them in my new will as well?
Asked on May 27th, 2013 on Estate Planning - California
More details to this question:
I have remarried with a child from a previous marriage. I want to redo my will. I have an existing IRA with my son as beneficiary and a regular brokerage account with a Due on Death Clause with my son as Beneficiary. As we live in a community property state, do I also need to include them in my new will as well? My wife and I are keeping separate finances. Thank you.
8 ANSWERS
Commercial Attorney serving Columbia, SC
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Gleissner Law Firm, LLC
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South Carolina is not a community property state. If you moved from South Carolina to a community property state, you should consult with an attorney in that state as it relates to the impact of your previous beneficiary designations in South Carolina. If you moved to South Carolina from a community property state, you should have your estate plan reviewed for the impact of no longer being in a community property state. You should also be aware that in South Carolina, we have what is referred to as the "forced share." Under this doctrine, a spouse that is left out of a will can force a share of the estate. Again, you need to consult with someone that does estate planning.
Answered on May 29th, 2013 at 10:38 AM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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The IRA and the brokerage account are not community property. The proceeds will go to your son.
Answered on May 28th, 2013 at 9:45 AM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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Your wife might have some interest in the accounts, up to about $60,000. You might want to consider entering into a property agreement so that you have no interest in her property and she has no interest in yours. A pre-nup would have been useful here.
Answered on May 28th, 2013 at 12:11 AM
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If you want your children to receive anything other than what you have listed, then yes you will want to include them in your will.
Answered on May 28th, 2013 at 12:02 AM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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You must make a new will.
Answered on May 27th, 2013 at 10:23 PM
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Both items you deceived are not impacted by a Will or subject to probate. A Will would address other assets that do not have a beneficiary status included. If you have other assets that you want to leave your child or spouse you should address in your Will; however if those assets are worth less than $100,000 they may all pass to your spouse absent utilizing another will substitute pursuant to Nevada law. I suggest you speak with an attorney to address your specific desires and options. Best of luck to you.
Answered on May 27th, 2013 at 10:22 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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Michigan is not a community property state. Depending on what you want to accomplish, the best way to do so is to meet with an estate planning attorney. It is a very good idea to update your estate planning in light of your new marriage.
Answered on May 27th, 2013 at 10:19 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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You are strongly advised to do a new will or trust. Seek an estate planning attorney to advise you. An appropriately executed estate plan will prevent future lawsuits by children representatives in the event of your death. Your remarriage can have long term effects as to your children rights to your estate in the future and death.
Answered on May 27th, 2013 at 10:15 PM