No inheritance to evil stepson – Part 3
- Describing tactics that a spouse can take regarding estate planning, such as secretly making a new will and letting likelihood of who will die first determine whether to force the issue.
This is the third of a column series about preventing your evil stepchild from receiving an inheritance from you.
I’ve been using a fictional scenario where Amanda marries Robert when his son, Nicholas, was a budding teenager. Amanda tries her very best, but Nicholas never warms to her. Now an adult, Nicholas is no longer openly hostile to Amanda, but he lets her feel his ongoing hostility in subtle ways.
Amanda has no children of her own.
Early in their relationship, Robert and Amanda made classic mirror wills, where:
- Everything goes to the other of them when the first dies, and
- Whatever’s left goes to Nicholas when the second dies.
Amanda has no problem with Robert’s share of their wealth ending up in Nicholas’ hands. But it turns her stomach to think of her share going to this stepchild who continues to do his best to make her life miserable.
Amanda wants a new estate plan that will result in their combined wealth divided equally when the second of them dies, her 50% share going to beneficiaries of her choice.
This is a classic blended family estate plan, when each spouse brings children into the relationship:
- When the first spouse dies, everything goes to the other spouse.
- When the second spouse dies, whatever’s left is divided 50% to the one spouse’s children and 50% to the other’s.
I explain in my first column that this plan cannot be put in place with simple wills. I describe a solution that adds a separate written agreement in my second.
This week I will discuss tactics.
Amanda shouldn’t need tactics. She should feel comfortable sharing her feelings and wishes with her husband. In my view, Robert should be receptive and cooperative with implementing a new estate plan.
But relationships aren’t always picture perfect.
There are steps Amanda can take on her own if sharing her feelings would upset the relationship applecart. There are many estate planning steps she can take without breathing a word of them to her husband.
One thing she could do is make a new will.
If it turns out that Robert dies first, leaving her in complete control of their combined assets as had been their plan, making a new will that follows her wishes is a perfect solution.
Her new will could leave only Robert’s 50% share of her estate to Nicholas. If she’s feeling particularly vindictive, she could choose to cut him out of an inheritance altogether.
She can do this in secret, without Robert finding out.
There’s no need to disturb the previous will she made with her husband. The law firm that’s holding their wills needn’t be notified. She will revoke that previous will with her new, secret one.
But Amanda might die first.
Her wish for Robert to have full use of their combined wealth if that happens hasn’t changed. She still loves Robert. Nicholas is the problem.
Amanda might consider taking a “wait and see” approach.
Robert’s age, gender, medical history and other factors might point strongly in the direction of Amanda outliving him.
The higher that likelihood, the less important it is for Amanda to have an estate plan that works for her if she’s the first to die.
At any time, she can choose to force the issue.
If keeping her 50% share of their combined wealth out of the hands of her evil stepson is important enough to her, she can give an ultimatum: either Robert cooperates with implementing a new estate plan that follows her wishes or she leaves the relationship taking her 50% share of their wealth with her.
It’s mighty important that Amanda be aware that Robert can take sneaky steps behind her back to change his estate plan just like she can.
If Robert gets the inkling that Amanda won’t follow through with leaving their combined wealth to Nicholas if Robert is the first to die, he might make secret changes to cause his share of their wealth to pass to Nicholas instead of to Amanda if Robert dies first.
Stay tuned for my next column when I describe secret steps Robert might take.
