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| Discussion: Terminology help, should I strike this out?? | - |
| Joined 7 Mar 2022 11:24 pm
3 posts
Unrated |
In this terminology below, I want to change this to reflect that if either of us pass away, a last will, trust and beneficiary designations should override this. The below is basically saying, "Move out, sell the house and give the money to the kids". I don't want to do this, if either of us pass away, the other should have survivorship rights; however I want my will or his will executed and life insurance policies to follow their beneficiary designations. Should I strike this whole paragraph?
<OL type=1>
<LI class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list .5in"><dbml:font face="Times New Roman">Waiver of Rights Upon Death. Upon the death of either or both of the parties, it is agreed that the other party (including heirs and assigns) shall make no claim against or assert any right to share in the estate of such deceased party <B>to extent of estate assets which were "separate property" in the hands of the deceased</B> as defined by this agreement. The types of rights and claims given up by the other spouse against the "separate property" of the decease spouse include, but are not limited to, the following:
<OL type=a>
<LI class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level2 lfo1; tab-stops: list 1.0in">The right to share in the estate or set aside a Last Will or Trust of the deceased party in the other spouse's capacity as a "surviving spouse" under state law; this right is sometimes referred to as the forced share of the estate of the deceased spouse or as the "omitted spouse" laws;
<LI class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level2 lfo1; tab-stops: list 1.0in">Other rights in the estate or other assets of a deceased spouse arising under state statutory or common probate law accruing to the benefit of a surviving spouse such as dower, curtsy, homestead allowance, and exempt property;
<LI class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level2 lfo1; tab-stops: list 1.0in">The right to act as executor or personal administrator of the decease spouse's estate unless the deceased spouse's Last Will specifically names the other spouse as executor or personal administrator. </OL></OL>
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Mia
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