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Wills and Trusts

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  • Dopey406 Dopey406's Avatar 07-15-08 | 10:15 AM

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    My sister is like that, too. Every family has one, right?
     
  • Emery Emery's Avatar 07-17-08 | 01:27 AM
  • We really need to have a will drawn up soon. I am like you Susan and want everything set up so there are no questions to be asked later.

    I am hoping I can have in the will somewhere or a trust set up that certain amount of money will be set aside for our DD no matter what. If my DH chooses to marry.... his new wife cannot touch this account for our DD. Unfortunately I grew up with both my parents dieing pretty young (Mom when I was 13 and Dad when I was 25) and I would hate to see my daughter end up with nothing. My Step-Monster took everything and I mean everything that was in her house.
  • savannah33 savannah33's Avatar 07-17-08 | 12:37 PM
  • Ann Marie I'm sorry that was tragic for you to lose both parents so young and then to have a horrible step parent on top of it. My mother died when I was 21 so I know how it can change your outlook.

    We also have a provision in there that if one of us dies and remarries that no step children or 1/2 children would EVER get any of the portion of the deceased person. So in other words if I die, my 1/2 goes to the kids and it will not be split or used in any fashion for step or 1/2 siblings.
  • 3Princes 07-17-08 | 01:02 PM
  • OK.. I'm confused now, but very interested. How would that work? Say you die. (Sorry but I need to kill ya off for my example. )
    Of course half of everything is yours, so that's supposed to go to your kids. But how would that work? Would dh have to sell everyhing? I mean, at the particular moment when you die, property/assets/etc are going to be worth a different amount than they would be when the children, say, graduate high school. How would their "half" be transferred to them?
    Say you die again (sorry) and Randy remarries, they sell your house, buy a new house, and then divorce. She would be entitled to half of whatever, right? How would you break up the kids "half?"
  • savannah33 savannah33's Avatar 07-17-08 | 01:20 PM
  • OK with the trust it's more about our other assets than just our personal property and home. Like I said we have several tracts of land some with timber on it , some in a valuable area another on the water etc.

    I'm not exactly sure how it would be divided up at my death or his. I know that a bulk of it goes to the spouse, IRA, retirement fund and life insurance is liquid money though and directly goes into a trust for the kids. So that is the portion that cannot be touched I guess.
     
    I'll have to inquire on how that property would be handled.