Next Steps: Bad advice from the lawyer?

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Next Steps: Bad advice from the lawyer?
2006-12-26
QUESTION: My husband and I married ten years ago, he for the third time and me for the second after the deaths of our spouses. I have four grown children, and he has three. We both had assets we acquired before we married that we wanted to make sure passed on to our children. We were advised by the lawyer we saw together that instead of going through the hassle and expense of each of us getting a lawyer to have a premarital agreement, we could protect each other and our respective children through our wills. He said this saved us several thousand dollars. So, based on his advice, we signed wills that passed all assets to the other at the first death and, at the death of the second of us, half of everything would go to my four children and half to his three children. If we die at the same time, half goes to my children and half to his....
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