distribution to children and step children

[pprnmba]

What is the name of your state (only U.S. law)? florida
I live in florida- my husband and I own our home outright- I stand to inherit quite a bit of money on my mother's death. question is- we have 3 kids- one is my son and the others are his 2 kids (all adult). When I die, I want my husband to have the house and use of the money left but when he dies (assuming I die first) I want the money left to go to my son (left from his grandmother's estate) and the house can be sold and divided up 3 ways for the 3 kids. In other words, I dont want my stepkids to have any of the money left from my mother's estate- only my son. How can I make sure this happens if I die first?

 

[TheGeekess]

What is the name of your state (only U.S. law)? florida
I live in florida- my husband and I own our home outright- I stand to inherit quite a bit of money on my mother's death. question is- we have 3 kids- one is my son and the others are his 2 kids (all adult). When I die, I want my husband to have the house and use of the money left but when he dies (assuming I die first) I want the money left to go to my son (left from his grandmother's estate) and the house can be sold and divided up 3 ways for the 3 kids. In other words, I dont want my stepkids to have any of the money left from my mother's estate- only my son. How can I make sure this happens if I die first?

Write a will.

 

[LdiJ]

What is the name of your state (only U.S. law)? florida
I live in florida- my husband and I own our home outright- I stand to inherit quite a bit of money on my mother's death. question is- we have 3 kids- one is my son and the others are his 2 kids (all adult). When I die, I want my husband to have the house and use of the money left but when he dies (assuming I die first) I want the money left to go to my son (left from his grandmother's estate) and the house can be sold and divided up 3 ways for the 3 kids. In other words, I dont want my stepkids to have any of the money left from my mother's estate- only my son. How can I make sure this happens if I die first?

If you leave the money available to your husband then he could make gifts of the money to his children, either willingly or possibly unwillingly before his death. It might be safer to form a trust to hold the money and have someone other than your husband be the trustee.

You also cannot be sure that the house will be divided three ways either after your husband's death if it goes first to your husband.

 

[anteater]

1) Let's say that you pass away first. You probably don't have any "say" in what happens to the house. And what if surviving husband heads off to the poker tables at the Miccosukee resort and blows all that money.

2) Seems to me that you need to consult with an estate planning attorney and do some collaborative planning with your husband.

 

[curb1]

What you are considering has several problems that often develop. The money you discuss as passing to your husband and then to your son often disappears before reaching the son. 1) Your husband could remarry, 2) your husband could spend it all, 3) your husband could give it all to "his" children, 4) your husband's children could manipulate him in times of weakness and take it from your husband.

All of these things happen on a daily basis around the U.S. You need to get this settled now with an attorney. Good chance you will set up trusts and define these assets labeled "his" and "hers" with limits of access across the lines. To get what you suggested requires a trust that often disappears because of varying circumstances after you pass.

 

[nextwife]

Whatever you individually inherit can be put directly into a trust, and never pass directly into your husband's estate. Speak to a trust attorney about your options.

Your current house is controlled by how it is now titled, and would likely pass in full to the surviving owner if held in joint tenancy. The surviving spouse may leave their estate to whomever they wish.

 

[TrustUser]

as others have mentioned, placing the assets in trust will solve your situation.

and as mentioned, you need to discuss with your husband, so that you are both in agreement.

if the house is placed in trust with each of you as equal beneficiaries, then each of you can stipulate how your half is distributed.

your situation is very common, and so easy solvable.

it is very common to allow a person to have use of an asset for his lifetime, and then be given away to someone else of your choice.

i would suggest placing the house in one trust, and your money in another trust.

as far as "trusts disappearing", this is also easily solvable.

the name of the trust should always include a date. i actually use the term "notarized".

so for example, the abc trust, notarized on january 1, 2012.

once the asset is placed in the trust, the asset cant disappear. a house in the name of the abc trust is a legal document at the county.

once the trust is made and funded, simply give your son a copy of the trust, and a copy of the deed of the house.

that way, the person who has something to gain, would be able to present a document stating such.

i dont know the trust you have with your husband, but your son could always be made a joint trustee with your hubby, upon your death.

the bottom line is that you can accomplish what you want. you just need to define what that is, and talk to a financial planner and/or an attorney.

you state that you want your hubby to have use of the money. that is gonna start to muddy the waters. use of a house is one thing. but use of the money is a lot harder to define. if he just has full access to the account, then nothing legally would stop him from doing anything he wants with it.

you could have a certain amount doled out to him each year.