QUESTION
I`m 57 and about to get married. I have $30k equity in my home and $250k in the bank.
Asked on Apr 07th, 2014 on Estate Planning - California
More details to this question:
If I get divorced in the future or die before my future wife, will she be entitled to any of it? I have a 21 year old daughter and want to make sure she gets at least half my assets. I live in Ca.
2 ANSWERS
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It would be advisable that you meet with an experienced estate planning attorney so that you understand your choices.
In CA if you own real estate you would need a Trust to avoid probate for your heirs. In your case it sounds like you wish to keep your property as 'separate property' and, in the event of your death, your property would go to your daughter or to your new wife and daughter. This can be accomplished in a Trust.
With regard to the money in the bank--you may wish to give the bank a beneficiary for that money--you can speak with the bank regarding this.
Answered on Apr 08th, 2014 at 3:59 PM
2 Awards
If you keep that account totally separate then your future wife won't be entitled to it. If you continue to pay down the mortgage though with community funds after the marriage she would have a claim to some of the equity in the home. I would strongly recommend a pre-nuptial agreement in this case.
Thanks,Jon
Answered on Apr 08th, 2014 at 3:45 PM