Next in Line is a weekly newsletter for advisors, brought to you by Herbie, covering the practical yet consequential interaction between estate planning and family dynamics.
Jane and Larry have been together for 20 years. They refer to each other as husband and wife. But they never got married.
Jane was married for 30 years before losing her husband. She has three adult children and five grandchildren.
Larry had a short marriage before divorce but also has several children and grandchildren.
Larry had a successful medical career and has made a nice amount of money. Jane hasn’t worked in many years. They live in a beautiful Manhattan apartment and have a summer home in the Hamptons.
Larry and Jane have lived together by the mantra “what’s mine is mine and what’s yours is yours.” The house and apartment were both purchased by Larry only, and the deeds are in his name alone.
Yet, approaching his 75th birthday, Larry has no will and simply says “everything will go to my kids.”