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A ---- a ae "A Family Tradition for 134 Years" THE PORT PERRY STAR - Wednesday July 4, 2001 - 9 Make a new will when remarrying...continued Canadian Association of Insurance and Financial Advisors. Money can be an emotional issue and no two people have the same approach to finances. But there are similar questions both partners should ask each other before they marry: e Do you have any debts? e Do you have a will (and who are the beneficia- ries)? e Do you have life or disability insurance? e Are you a saver or a spender? e Will we have separate or combined accounts? e What financial goals can we set together? e Do you have ongoing financial obligations from a previous relationship? Working through different expectations in any of these areas can help decrease conflict in a second marriage. Marriage contracts are more common in second marriages because of the individual assets and responsibilities each will bring into the union. A contract can specify how assets will be divided if you and your spouse separate or one of you dies. Your financial advisor and a lawyer can help you work out whether a marriage contract is appropri- ate. Insurance and estate planning are important foundations for your financial security. Having ade- quate insurance in case one of you becomes dis- WATER STREET ; studio Port Perry's Wedding & Portrait Studio Wedding Photography with a personal touch. Family and Special Occasion Portraits 4 Creating lasting memories ...the way you see them 905-985-0071 abled or dies can give newlyweds a measure of sta- bility and allow the couple to reach new financial goals. . "The obligation to support children by a first mar- riage goes on whether you are alive, dead or become disabled," Thibaudeau says. The question of a will is doubly important if one of the partners has children by a previous mar- riage. Courts may have set conditions on guardian- ship or support of the children. A will should make certain these conditions are met, as well as setting out how assets will be divided between the first family and a new spouse should you die. "When you divorce, it doesn't automatically nulli- fy your will," Thibaudeau says. Unless you update it, your former spouse coutd still inherit. However, marriage revokes a will. If you die without writing a new will, provincial courts will become involved in distributing your assets. The family would likely have to go through a long and painful process settling your affairs. writing a will ensures that your wishes will be met after you die. A mature couple who remarries may find that their adult children are anxious about how assets - will be distributed when their parent dies. A well- written will reduces misunderstandings and puts everyone's fears to rest within the extended family. 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