Legal Question in Wills and Trusts in Florida
Trust creativity
I am wondering if it is possible to create a trust that will restrict or limit my daughter-in-law's access to assets that I will be leaving to my son. My daughter-in-law has demonstrated time and again that when assets are available, she monopolizes them often to the exclusion of her husband and children. She has even placed money left to my son by my father in a separate bank account in her own name, an account she had before the marriage that she says is paying a higher return than their joint accounts.
Perhaps a succeeding trust may be established at my death with tight restrictions?
Also, is probate necessary for assets other than real estate? Like investment accounts and bank accounts? I am thinking that if I don't get a trust done and I just give my other daughter my house now my children will get the money from my accounts without having to go through probate.
Thank you for any insight provided.
2 Answers from Attorneys
Re: Trust creativity
Assets given to your son outright can be controlled by him on his death, not you. Assets given to your son in trust can be controlled by the trust.
Re: Trust creativity
You can definitely set up a living trust (revocable trust) in which you can put all of your assets including real estate. The trust provisions can dictate to whom and when certain assets go and include some type of provision preventing the "alienation" of the assets to someone else. This type of trust also generally allows assets to pass outside of probate.
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