Legal Question in Wills and Trusts in California

Married 37 years. Recently retired at 62 so could make house payments as we are self-employed and times are tight. 5 years ago my parents died, left me with some cash, 1/2 interst in a house and land out of state. That house and land has not sold due to poor economy. I took part of the inherited cash and remodeled our garage so our business could be run from home. I have been unwelling to use the balanced of the cash inheritance to pay off the mortgage because my husbands' will leaves his property to a previous daughter (estranged) and our daughter. This means my other two children from a previous marriage get nothing if I die first even though they are close to us and involved in our lives. If my husband passes before I do, three children inherit equally (not his estranged, dtr, unseen one of a previouse marriage). The probem arises if I die first. I would like to see my inheritance(from parents) to pass to my children (3) if: the house were to be sold, husband were to remarry, if allowed to fall into disrepair, taxes not paid, abandoned etc. My husband does not handle money well, is influenced by alchol and acquantiances easily. He agrees to change his will to include my 2 children. But I know he will change it if I were to die. How do I set it up to keep to his best interests, yet altumately pass my parents gift to my children?


Asked on 4/20/11, 2:04 pm

1 Answer from Attorneys
Michele Cusack Pollak & Cusack

Excellent question. You can set up a trust for your half of CP and your SP, of which your husband (if you die first) will be the lifetime beneficiary, but your children the remainder beneficiaries. Caveat: if you have contributed your inherited money to the CP home, you may already have transmuted to CP unless you have a written agreement. The same would be true if you use your inheritance to pay off the mortgage. You'd have to consult a family law attorney about this issue.

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Answered on 4/20/11, 2:18 pm


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