Re: Living Trust
- From: "Razorback" <razorback9926@xxxxxxxxxxx>
- Date: 30 May 2006 22:45:24 -0700
It sounds like the husband (not the children) is the trustee. If so,
the husband is free to spend away as he likes. If the children are
successor trustees (as I believe they are based on your example), they
don't take over until the husband dies, at which point the trust
becomes irrevocable, and they must then distribute the property to the
beneficiaries according to the trust. Whatever property is still left
in the trust, that is.
I'm assuming the living trust is the standard, garden variety living
trust. Your example sounds like a nightmare waiting to happen. If
people remarry and they have children from a previous marriage, I
always counsel them against leaving all their property to their
surviving spouse. Doing so is turning your back on your own children.
Here's why:
Jack and Jill marry, and have 2 children, Jane and Jim. Jack and Jill
divorce. Jack remarries, this time to Norma. If Jack leaves everything
to Norma, do you think Norma will take care of Jane and Jim? No,
because they're not Norma's children. Norma will leave everything to
her OWN children. If Jack wants to do this anyway, at least he does so
with his eyes wide open before he leaves my office.
.
- References:
- Living Trust
- From: mcraecb@xxxxxxx
- Living Trust
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