Legal Question in Wills and Trusts in Texas
I am in my 2nd marriage by not quite 2 years. We are both over 50. I have one child still at home (14) and we both have two adult children who are living on their own. He would like for us to do simple wills that would leave all to the surviving spouse and then the surviving spouse would leave all to the five children equally. We both have good jobs and retirement funds. My concerns are: (1) My minor son and (2) I will be inheriting a large sum when my elderly parents pass. How do I protect my inheritance for my 3 children once received. My husband's parents are both deceased long ago and did not have anything to leave their children.
4 Answers from Attorneys
When you receive the inheritance, put it into a special account called "Inheritance Account." Keep paper records of all deposits and withdrawals (it's best if you NEVER deposit into this account after the inheritance money is put in).
Make a will that leaves the inheritance money (in your will, you'll actually identify the account - "the money on deposit in Bank of America account #44112349980") to the three children.
You can do either revocable living trust to handle the property or testamentary trust. The trust would then control who gets what and when. For the minor child, you can have the trust distribute property whenever you feel it's appropriate.
Dave
Please read my disclaimer
http://leonlaw.com/askalawyer/disclaimer
For your situation, you need a QTIP trust. For many reasons, you need to contact an estate planning attorney and for the sake of all of your children, don't be penny-wise and pound foolish.
Most attorneys will not prepare joint wills anymore. This situation can be solved with a fairly simple trust. If there is a sizable estate (approaching $1,000,000), you should consult an attorney who is experienced in estate planning.
If we can help you and you are in the North Texas area, please call (817) 336-8500 and ask for an appointment.
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