Legal Question in Wills and Trusts in California
Is there a trust that would give a surviving spouse full control during life - a
My husband's net worth on death will be approxiamtely $2.5M. We have been married 4 years. He has two biological sons by a previous marriage. He explains to me that he wants to establish a will/trust will allow him to provide monies for me to continue to living comfortably upon his death - while at the same time enable him to establish a tool that will give the bulk of his monies to his two biological sons at the time of my death. Is there a trust that would allow my complete access during life - and then would be transferred to his children upon my death?
8 Answers from Attorneys
Re: Is there a trust that would give a surviving spouse full control during life
Yes. A trust can be written in a manner that gives you a lot of control, but not unlimited control. The trust can provide for your health, education and maintenance. You did not say, if all of the assets are community property, or separate property. I would need to know that to give you a more specific answer.
Mina Sirkin, Esq.
Certified Specialist, Estate Planning
Probate and Trust Law, State Bar of California
Board of Legal Specialization
Re: Is there a trust that would give a surviving spouse full control during life
Absolutely, the standard form living trust where both spouses are trustees until one spouse passes away. The remaining spouse stays the sole trustee until his/her death and selectman it is distributed pursuant to the terms of the trust usually to the children. Very easy, very simple, very straightforward. I have been practicing law in the San Francisco Bay Area for 30 years and have done more of these in that I can even count. If he was to consult with the I'm a 925 -- 945 -- 6000.
Re: Is there a trust that would give a surviving spouse full control during life
in a nutshell, the answer is yes. the instrument devising his separate and/or community property interest in the $2.5M should be legally worded to effectuate granting a life estate in you for the duration of your life, then subsequently granting a vested remainder (joint tenancy) for the benefit of his two biological sons upon the natural termination of your life estate. if you or he would like further assistance or a free phone consultation on this matter, email us directly today with your contact information.
Re: Is there a trust that would give a surviving spouse full control during life
YES!!! This is a very common request with so many people getting re-married, having kids from previous marriages, etc.... For an estate of $2.5mil and your requests we would probably do an "ABC Trust". This has different names with different attorneys but the key is that different trusts would be established upon the first death, benefiting the surviving spouse (with any level of restriction we want) and then after the survivor's death the money would go to the biological children. It's a common set-up that we do a lot. To give you an example we usually charge about $2,000 (depending on the exact facts of the case) for that type of trust package. I have heard qualified attorneys in the Sacramento region charging anywhere from $1,000 to $5,000 for this type of estate plan. Find someone you like working with and get it set up! Of course we would love to help you if you don't mind driving up to Sac once or twice for a meeting! (This can be done by mail/phone but I like to meet face to face at least once when possible). Call us if we can help!
Re: Is there a trust that would give a surviving spouse full control during life
There is, and this is a fairly common request, so see an estate planning attorney about it. There's more than one way to make it happen, but many offer estate tax advantages too, so look at some different options before you decide on one.
Re: Is there a trust that would give a surviving spouse full control during life
As you have read from the other attorneys, the answer is a qualified yes. You will have a lot of access to the trust funds, but not complete access in order that the beneficiaries are able to enjoy the tax benefits of this very common type of trust.
Since almost every competent trust attorney knows of the type of trust you are inquiring about, I suggest that you contact an attorney in your area who establishes trusts.
My office is located in San Jose, California, and I would gladly assist you if you so desire. My telephone number is (408) 268-2580.
Sincerely,
Kai H. Wessels, Esq.
Re: Is there a trust that would give a surviving spouse full control during life
Yes, that is exactly what a well prepared trust is intended to do. It will also help to eliminate any estate taxes that may be charged against the estate, if properly drafted. It will also prevent probate costs, which would be around $40,000.
I am in the SF bay area, so let me know if you would like som help.
Re: Is there a trust that would give a surviving spouse full control during life
A trust is very flexible and be set up numerous ways, including the way you described.
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