Legal Question in Wills and Trusts in Illinois
My father passed away about a year and a half ago and left a good amount of farm land and assets to my mother. She also has some life insurance with me listed as the beneficiary.
She tells me that she wants to ensure with a will that if she were to re-marry someday (even though she's not seeing anyone yet), that the land would stay in the family and go to myself (I'm an only child) and my children.
Would a new spouse have claim to half of the land upon her passing? I'm not concerned with the rest of the assets, but I would like my families' land to stay in the family.
She says she believes in Illinois he would only have rights to assets gained after the marriage.
Thanks
2 Answers from Attorneys
I believe your mother is right, without a pre-nuptual agreement her new hubby would have homestead rights in farm.
Your Mom needs to do more than have a will. If she remarries her new husband would be able to renounce the will and take a share of her estate as if there were no will. In this case it means he would likely end up with, at least, 1/2 of the farm and other assets.
She should set up a trust and have it hold title to her assets. She can still keep control of the assets in the trust. She will be able to keep all of the income from the farm and other assets. She is still the boss.
The advantage is that there is less of a chance that her new husband would inherit her assets. She should also have an agreement with her new husband. The agreement should state that each of them is allowed to give their assets to their own children. Some assets would likely be held jointly, such as a joint bank account, but anything she wants to end up with you should be held in her trust.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
