Many estate plans were prepared when the applicable exclusion amount was much lower than it currently is now. These estate plans frequently created a non-marital share equal to the applicable exclusion amount (currently $5,250,000.00). Individuals whose plans were executed before 2001 thought that their non-marital share would never exceed $1 million, and individuals with estate plans executed between 2001 and 2010 often thought that their non-marital share would never exceed $3.5 million.
Generally, non-marital shares that are primarily for the benefit of the children and other descendants may need to be revised to include the spouse as a beneficiary. This is critically important for second marriages if the non-marital share is set up for children of the first marriage. If this scenario may apply to your trust, contact Matthew A. Linde, P.A. today to discuss.