04 Aug Are my husband’s kids from another marriage due assets when he dies?

Q. Do my husband’s minor children from a prior marriage have any rights to any marital assets acquired during our marriage in the event he dies before me? Who would benefit from his Social Security, savings and more? We’ve been married a little over a year and he’s been divorced from the children’s mom for about five years. He’s still paying child support until each child turns 18. They are 14, 13 and 11.
— Stepmom

A. These questions are the reason why estate planning is so important to revisit after a divorce.

You can take steps to make sure you’re taken care of, but if you don’t do this at the time of the divorce, it could be too late.

Here’s what you should know about beneficiaries and wills.

“Beneficiaries trump wills,” said Amber Leach, a certified divorce financial analyst with AXA Advisors/R.I.C.H. Planning Group in Morristown.

Your first step is to make sure all beneficiaries and contingent beneficiaries are in line with what you and your husband intend, she said.

You will find beneficiaries on retirement accounts, pensions, life insurance policies, annuities and more, she said, but you won’t find a beneficiary on certain assets like your house, cars or your bank or brokerage accounts, Leach said.

For assets without a beneficiary, you want to check on how they are titled and discuss your concerns with a qualified legal advisor, Leach said.

“The titling of assets has an impact on how the asset will be distributed after death,” she said. “You will also want to review and update your wills. This will give you an idea of how your spouse’s estate would pay out in the event of his death.”

If your husband is paying child support, divorce decrees will often mandate that he procure life insurance to cover that obligation upon his death, Leach said, so there may be a life insurance policy earmarked for his kids.

“As to Social Security, if you stay unmarried, you can claim a survivor spousal benefit as early as age 60 and if you are taking care of his kids under 16 years of age, you may be entitled to receive a payment earlier,” she said. “His unmarried children can claim a survivor benefit until age 18, or longer if in high school or disabled. There is a family maximum to the benefit they will receive.”

So right now, you should review all beneficiaries and contingent beneficiaries, then check the titling of your assets, and finally make sure to review the wills.

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This story was originally published on Aug. 4, 2021.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.