QUESTION
What should I do with my inheritance?
Asked on Jun 30th, 2016 on Estate Planning - California
More details to this question:
I'm about to inherit a large sum of money from my late father. I want to establish a living trust but I don't want my wife to get my inheritance if she divorces me. I know not to put it in a joint account or commingle with common expenses but can or should the trust be in my name only? She would be my primary beneficiary.
2 ANSWERS
Creating a trust in your name only is a good way to handle this. You could make it a condition that she is your spouse at the time of your death in order for her to be a beneficiary.
Answered on Jul 11th, 2016 at 5:31 PM
Edwin K. Niles
Yes, your inheritance is your separate property, and you are wise not to commingle. You can have your own trust; please see an estate planning lawyer.
Answered on Jul 11th, 2016 at 5:31 PM