QUESTION
How can I guarantee that all the assets my spouse inherited from our marriage go to our child and not to the new spouse if I die first?
Asked on May 28th, 2013 on Estate Planning - New York
19 ANSWERS
You can create a will that leaves everything to your child(ren) and name someone else to serve as trustee for any children who are still minors at the time of your death.
Answered on May 28th, 2013 at 11:55 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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You can't. You and your husband can do a unified estate plan, including a "contact not to change the will." This won't stop your spouse from getting re-married, in which case the new spouse will have an "elective share" claim in spouse's estate, so at least some of your joint assets go to new spouse. Also, your spouse could change the will, leaving your child with a breach of contract action against his parent, which many people won't exercise. You should see an estate planning lawyer to get this put together as well as it can be put together.
Answered on May 28th, 2013 at 11:55 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Go back to your family law lawyer to obtain a modification your divorce decree, to obtain your former husband's agreement, to set up an estate plan, (trust), with your daughter named as beneficiary of his estate. If your husband does nothing, i.e no will or trust, no estate plan, then his estate goes to your daughter, except the acquisitions during his second marriage. A policy of insurance on his life for the value of the assets in question may be a solution.
Answered on May 28th, 2013 at 11:55 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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A trust is the best way to do this. Two trusts can be used for even additional security. There are many things that go into this, but a trust is clearly the best planning tool to use. This should be set up by an estate planning attorney because your child's inheritance is literally at stake.
Answered on May 28th, 2013 at 11:54 PM
You should consult an estate planning attorney about how best to accomplish securing the assets for your child.? Using a trust which benefits him during his lifetime and then goes to the child may solve your anxiety.
Answered on May 28th, 2013 at 11:12 PM
2 Awards
That is a very difficult thing to guarantee. You definitely need to sit with an estate planning attorney And spell out your wishes and see what can be done. You will either have to make a part of the trust your revocable on your death, give an outright distribution to your child upon your death, or something similar.
Answered on May 28th, 2013 at 3:43 PM
If you mean the assets you leave at your death, it is actually quite easy to do so. Visit with an attorney specializing in estate planning, they will be able to assist you.
Answered on May 28th, 2013 at 3:29 PM
You can control how the assets pass through proper estate planning. I recommend that you find a good estate planning lawyer who can help you prepare a trust, will, living will and powers of attorney.
Answered on May 28th, 2013 at 3:15 PM
Personal Injury Attorney serving Midvale, UT
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Arrow Legal Solutions Group, P.C.
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You cannot if you name your spouse as the sole beneficiary of any of your assets. You can if you give it your inheritance directly to your son through your will or through a trust. Be careful to understand that if you have assets like property that name your spouse as the owner after your death that again you would have no control over what your surviving spouse does with the assets. You really should talk to an attorney.
Answered on May 28th, 2013 at 2:56 PM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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You can sign a Revocable Trust and put assets in the name of your trust that you want to go to your child. If you leave all to husband he can do whatever he wants if you predecease him, including give all to a new spouse. Anything joint will also pass to spouse and again he can do with as he pleases after your death.
Answered on May 28th, 2013 at 2:55 PM
You may be able to do a trust with the proper provisions.
Answered on May 28th, 2013 at 2:51 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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You can't.
Answered on May 28th, 2013 at 2:50 PM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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You can set up a trust with your spouse to get income or support for life with the remainder to go to your child after the second death.
Answered on May 28th, 2013 at 2:49 PM
Use a trust.
Answered on May 28th, 2013 at 10:04 AM
3 Awards
You discuss using a trust with an estate planning attorney. The type of trust that you are interested may include a QTIP trust, or may provide that your of the community is to be used for the benefit of the child. A Will will not provide you with the protection that you desire.
Answered on May 28th, 2013 at 9:16 AM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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There is not much you can do to control your ex-wife's assets. The minor child will be a forced heir until he or she reaches the age of 24, and would be entitled to a portion of her assets.
Answered on May 28th, 2013 at 9:15 AM
Business Law Attorney serving Livonia, MI
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Gerald A. Bagazinski
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Consult with an attorney to draft a revocable trust.
Answered on May 28th, 2013 at 9:14 AM
Probate Attorney serving Palatine, IL
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Law Offices of Robert H. Glorch
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You can do this by setting up a trust for her benefit that passes to your child at her death. Talk to an estate planning attorney.
Answered on May 28th, 2013 at 9:14 AM
1 Award
That is a great question. You can specify in your will or trust that your spouse will get use of the assets when you pass away, but that after your spouse's passing, the assets will go to your child. In theory, your spouse can elect to take his spousal right of election of 1/3 of your estate, or $50,000, whichever is greater. You should speak to an estate planning attorney to discuss the best strategy forward.
Answered on May 28th, 2013 at 9:13 AM