Second Marriages and Living Trusts

Studies have shown that a senior widower is much less likely to stay single than his female counterpart.  This is due in part to the fact that men tend to die sooner so more elderly widows than widowers are available.  

This scenario raises the common question of how a father can protect his child’s inheritance if there is a second wife in the picture.  Trusts may be the answer to this concern. To avoid time and expense associated with probate proceedings, property should be put in a living trust when a widower has children and then remarries. Such a trust can be changed at any time and the assets are in the trustee’s control.

Another difference between men and women is that men generally have more trouble addressing emotional topics than women do.  This makes frank discussions about estate planning more difficult. Men need to be more willing to consider and discuss family dynamics to avoid this natural obstacle. 

See Karen DeMasters, A Trust May Be A Widower’s Best Friend, Financial Advisor Magazine, Oct. 16, 2012. 

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.