Legal Question in Wills and Trusts in Massachusetts
How to set up my own trust/will after receiving an inheritance?
My Mom recently passed away and left myself and my 3 siblings everything. I am married and we plan on using the $ from the estate to pay off our bills (home, car, credit card) and then save for retirement. My husband and I need to now set up our own will. If something happened to both of us, I would want to leave my assets/inheritance to my siblings and thier familes. He of course would want to leave something to his family. How do we do this since I am the one who is inheriting the $ to pay everything off? I do not want my Mother's inheritance to go to anyone outside of my family. Thanks
3 Answers from Attorneys
Re: How to set up my own trust/will after receiving an inheritance?
You and your husband need some estate planning. How your estate (property) is disposed of will be based on what assets are held jointly, separately and how you want to resolve the matter with regard to the disposition of variuos assets.
You should contact an attorney and discuss your needs with him as soon as possible. Everyone should have at least a simple will. Please feel free to contact me without obligation if you have additional questions.
Re: How to set up my own trust/will after receiving an inheritance?
You and your husband need to have wills that have different provisions. A lawyer should be able to draft wills that meet your wishes.
Re: How to set up my own trust/will after receiving an inheritance?
Your question demonstrates that you are thinking about all of the right issues regarding both your mother's estate and thinking about your own. Some simple, but careful estate planning will accomplish what you want. Please feel free to contact me and I would be happy to outline the process for you - 508 863 0518.
~ Tom Flynn
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