It’s Richard Morgan of Morgan and DiSalvo. This is our Back to the Basics Video Newsletter series. If we have a husband and wife in our office and the question becomes what is the intent? How do we want to pass the assets? Probably 90%, not all, but 90% of our clients were husband and wife, it’s the first marriage or the same kids. What they’re gonna ask for is to say that they want full access and full control of all their assets while they’re both alive. The survivor wants full access and full control to all or most of the assets after the first spouse’s death. And then the second spouse’s death, they want the children, normally but not always, to get the assets in some manner in equal shares, normally. Not always, but normally.

So, we have three basic questions that we have to ask to structure these documents. Number one, how to pass the assets from the first spouse to die to the surviving spouse. And then the second question is, how to pass the assets at the second death down to the children. The third question is, what should that plan, how to pass the assets at first death and second death, where are those terms? Are they in a will as your primary document or in a document called a revocable living trust?

It’s Richard Morgan, Morgan and DiSalvo.

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