Problems can arise after the death of one spouse who has failed to plan or made no plans for the division and distribution of their assets, particularly if both spouses have adult children from a prior marriage.
For instance, bank accounts and or deeds to real estate interests that are not properly titled to allow them to pass to a surviving spouse could end up either “co-owned” by the surviving spouse and his/her adult step-children or solely owned by the spouse or the children, which may not be the intended outcome of either spouse. Failing to have a current spouse sign appropriate waiver forms on a 401(k) after remarriage could result in those benefits being paid to the current spouse (or his/her estate) instead of your adult children from a prior marriage, which may also be unintended.
These are just a couple of the many issues that frequently occur. Make plans to have your assets and investments reviewed with an estate planning attorney to ensure they are properly titled and that intended beneficiaries are property designated to comply with your intentions.
Sharon Potter has focused her practice in estate and trust planning and probate matters as well as real estate. She strives to provide the best legal services to protect her client’s interests both before and after death, for individuals as well as corporations, LLCs, and other business entities. This includes anything from a basic Will and Durable Power of Attorney to strategic business succession planning and representation in residential and commercial real estate transactions. She is always approachable and enjoys helping her clients understand what the law can do to protect and support their interests. She has lived and served in East Tennessee her entire life and serves both the Knoxville Community but the Crossville Community as well. She will listen with compassion and is perfectly suited to help clients with estate and trust planning, real estate and probate matters as well as business planning.