Dear Minnesota,
You can quick claim the house from your name alone to you and the present wife's names in joint tenancy or in tenancy by the entirety. Make sure to change beneficiaries on the life insurance and pension through the formal procedures provided by the issuers of those policies. You'd be surprised how many divorced folk forget to do this and 1st spouse brazenly takes the money and laughs all the way to the bank.
As to your 16 and 18 year old daughters, I am going to assume you are a loving father and want to ensure your minor kids receive something....you just don't want the ex to get her hands on it.....right? Right. You can put something in trust for them with terms stipulating when (what age) and how they can receive it...the 18 year old can receive her gift outright because of her age-even though she's hardly really yet a grown up, so to protect it from her mother, consider putting it in some sort of trust with stipulations.
I strongly suggest you see an estate planning lawyer in Minnesota to help you decide on the appropriate estate planning tools. If you desire to leave something for the adult children as well that can be addressed with the right tools as well and in the alternative, if you do not wish to leave the adult children anything that can be addressed to. Best wishes with it all.
Answered on Oct 21st, 2012 at 8:35 PM