curiouspepper
Junior Member
What is the name of your state? CA
I am interested to know if I can have a living trust drawn on my own without my husband? In fact should I make a will or living trust? Our relationship at this point is not doing well but I want to make sure the children are taken care of just in case something happens to me (die before him). He keeps procrastinating to do a will or living trust to take care of business.
We refinanced the CA house we live in a few months back. My name is on the deed (in CA house) but the loan is his since he was the one qualified to get a lower interest rate. He has another house in Arizona in his name only - I was told to sign a quit claim since my name was not included in the loan nor on the deed in the Arizona house.
I am paying for two separate life insurances that names one for my oldest daughter($200K) who is his stepdaughter as beneficiary (age 15 now), and another one ($200k - $100K each) for the other 2 girls by him as beneficiaries (ages 13 and 10 now). At the same time he is also paying another life insurance for me for another $200K which he is the beneficiary. (by the way he is jobless at this time and is receiving a pension pay of about $1600 per month). We have been living on the money we got from the refinance. Thus the reason why I got the insurances to take care of the children. I also have three 529 plans that I started for the children but I am the owner and beneficiary of these plans. Can I designate in my will for them to be the beneficiaries? Also whatever remaining money in my bank account (which is in my name only) can be distributed to my kids?
I had alloted 200K to my oldest due to the reason I know he will not provide for her. Now I want to name my sister (she lives out of the country - HK) as trustee to the insurance money till they come of age - can I do this without his permission? Can he override any of the financial decision I will make regarding the insurance money? How should I do my will or living trust so I can make sure the children will be taken care of and he will not be able to get any of the money other than my children?
How about my debts? Will my children be responsible? I have a car payment that still has 4 more years of payment, a credit card debt of $3900 as of now. No other debts aside from these 2.
Any help in how to take care of my finances for my children will be greatly appreciated and I know I probably have to get a lawyer but would like to educate myself before I find a lawyer so I will know I am not being taken for a ride. Also tax consequences - how can I eliminate these for the kids?
Also can you recommend a good lawyer that will help me make sure the children are taken care of properly? How will I know if he/she is a good lawyer after my interest for my children's welfare?
Please help - I am very ignorant when it comes to legal stuffs.
I am interested to know if I can have a living trust drawn on my own without my husband? In fact should I make a will or living trust? Our relationship at this point is not doing well but I want to make sure the children are taken care of just in case something happens to me (die before him). He keeps procrastinating to do a will or living trust to take care of business.
We refinanced the CA house we live in a few months back. My name is on the deed (in CA house) but the loan is his since he was the one qualified to get a lower interest rate. He has another house in Arizona in his name only - I was told to sign a quit claim since my name was not included in the loan nor on the deed in the Arizona house.
I am paying for two separate life insurances that names one for my oldest daughter($200K) who is his stepdaughter as beneficiary (age 15 now), and another one ($200k - $100K each) for the other 2 girls by him as beneficiaries (ages 13 and 10 now). At the same time he is also paying another life insurance for me for another $200K which he is the beneficiary. (by the way he is jobless at this time and is receiving a pension pay of about $1600 per month). We have been living on the money we got from the refinance. Thus the reason why I got the insurances to take care of the children. I also have three 529 plans that I started for the children but I am the owner and beneficiary of these plans. Can I designate in my will for them to be the beneficiaries? Also whatever remaining money in my bank account (which is in my name only) can be distributed to my kids?
I had alloted 200K to my oldest due to the reason I know he will not provide for her. Now I want to name my sister (she lives out of the country - HK) as trustee to the insurance money till they come of age - can I do this without his permission? Can he override any of the financial decision I will make regarding the insurance money? How should I do my will or living trust so I can make sure the children will be taken care of and he will not be able to get any of the money other than my children?
How about my debts? Will my children be responsible? I have a car payment that still has 4 more years of payment, a credit card debt of $3900 as of now. No other debts aside from these 2.
Any help in how to take care of my finances for my children will be greatly appreciated and I know I probably have to get a lawyer but would like to educate myself before I find a lawyer so I will know I am not being taken for a ride. Also tax consequences - how can I eliminate these for the kids?
Also can you recommend a good lawyer that will help me make sure the children are taken care of properly? How will I know if he/she is a good lawyer after my interest for my children's welfare?
Please help - I am very ignorant when it comes to legal stuffs.