For a couple on their second marriage, a better option may be a tenancy-in-common ownership solution where the couple choose the ownership split on a property. Each parent can then have their share of the property go to whoever they want, including children from a previous marriage. (via Estate planning: Who gets the house? | Inheritance | Retirement | Personal Finance | Financial Post)
Here’s what I had to say:
- It’s surprising that the article does not mention the rather counter-intuitive Succession Law Reform Act with its “in loco parentis” provision. It essentially allows a judge to rewrite the Will, Marriage Contract and everything else a late parent in a second marriage may have created (on lawyer’s advice, obviously) and cause the parties, by being so arbitrary, to fight to their financial ruin. Cui bono(bo)?
- The Estate Litigation industry is probably the most vile and corrupt, second only to Family Law.
There’s a lot more to be said here..