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Thursday, July 7, 2011

Estate planning a must when marrying later in life

I agree with the premise of this article from http://www.about.com/ , that it's essential for those marrying later in life to have a strong, comprehensive estate plan in place. The article I'm attaching is American, but the concepts it mentions apply in Canada as well. Click here to read it.

The second concept mentioned in the article, that you can't disinherit a spouse without his or her consent, works a little differently in Canada. Generally speaking though, there is either a statutory obligation to leave some or all of the estate to your spouse, or an automatic right for a spouse to contest a will which disinherits him or her. Nobody should be trying to prepare a will that disinherits a spouse without consulting an estate planning lawyer first.

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