Legal Question in Wills and Trusts in Virginia
Protecting assests from heirs
I am trying to decide what type of account or trust to set up for two of my children in order for them to inherit assests that came from their grandmother. There is a third child in our family, but he is my husband's child, not one produced from this marriage. I don't want him to inherit the money from my side of the family as he will be inheriting money from his mother and grandmother. My will states that my assests will be given to my spouse first, then divided three ways once he dies. However, I want to provide my inheritance from my mother to just the two children produced from our marriage. Currently these assests are cash and stocks at a brokerage firm under my name only. What is the best way to handle these assests...create a joint account or a Totten trust or some other sort of payable on death account? My mother passed away after our wills were written, so there is no mention of these inherited assests in my will. The children are adults. If I were to predecease my husband, then is there some way to set this up so he can benefit from the income produced during his lifetime, yet the money at his death would go to the two, not the three? Carolyn
1 Answer from Attorneys
Re: Protecting assests from heirs
From what you describe, probably the best way to handle your inherited funds is to creat a trust now, transfer the inherited assets to the trust, and provide that you receive all the income and as much of the principal as you want during your life, then on your death your husband receives some or all of the income and then on his death all the assets go to your two children.
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.
