We have moved.
But not too far.

As of May 25,2019 our new address is:

802 13th Avenue SW
Calgary, AB T2R 0L2
Nothing else will change.

Intelligent, Practical Solutions

For 100 years, Ridout Barron has been dedicated to solving our clients' problems creatively and efficiently.

Practice

Subscribe

Considerations for estate planning in a second marriage

People who are in a second marriage may need to update several aspects of their estate planning. One essential consideration involves addressing matters related to the home.

In second marriages, the estate might be left to a new spouse and the testator’s children from a previous marriage.

Consider the following matters involving the home:

  • In many second marriages, the spouses hold the home as tenants in common to ensure the children of each spouse’s previous marriage receive a portion of the respective parent’s share.
  • Many couples choose to include a clause in the will by which the surviving spouse will be permitted to continue living in the home for a specific period.
  • Upon expiration of that clause, the house is typically placed on the market for sale, and the proceeds divided as directed in the will.
  • The surviving spouse usually has the first option to buy the home from the deceased spouse’s estate.

Addressing the following matters to avoid disputes between beneficiaries:

  • Stipulate who will be responsible for the home’s operating costs during the stipulated period prior to its sale.
  • Stipulate how the house’s valuation must be handled if the surviving spouse exercises the option to purchase the real estate.

Although some of these issues might seem unnecessary, taking steps in the estate planning process to avoid disputes between the stepparent and the testator’s children is always a good idea. Ensuring that life insurance provides sufficient coverage for the surviving spouse to buy the home is another consideration that will make things easier for those left behind upon one spouse’s death.

Practice

Contact

Office

Ridout Barron
802 13th Ave SW
Calgary, AB T2R 0L2
Phone: 587-315-8454
Fax: 403-271-8016
Calgary Law Office Map

office-image

There is parking behind our building and/or free 2 hour street parking at our new location.

We Use Skype

skype

Social Media

Follow us on Facebook
Follow Us On LinkedIn