Will or Will and Trust?

[savvy160]

What is the name of your state (only U.S. law)? Colorado
My husband and I have no children, no heirs.
I own 99% of our assets. I want all of my assets to pass to my husband on my death. But after his death, I want the balance of my assets that he hasn't used to pass to my family survivors (brothers and sisters) not to his family.
What is the simplest way to do this?

 

[seniorjudge]

My husband and I have no children, no heirs.

You don't have heirs until you die.

I own 99% of our assets. I want all of my assets to pass to my husband on my death. But after his death, I want the balance of my assets that he hasn't used to pass to my family survivors (brothers and sisters) not to his family.

The folks in your family would be your heirs when you die.

What is the simplest way to do this?

I would suggest a revocable living trust AND a will, both of which would have basically the same provisions. You also need powers of attorney for healthcare and finances.

This is NOT a do it yourself deal, I don't care what kinds of advertisements you see, read, or hear.

Find an attorney in your area experienced in estate planning and use that attorney.

Obviously, I am just giving you GENERAL ideas; your situation could require something completely different. That's why you need a real, live lawyer to help you.

 

[tranquility]

My first recommendation is to see an estate attorney. While SJ is right, it is better to have precisely what you want. It can be done, but needs a person with experience, facts and good judgment.

 

[TrustUser]

a living trust can certainly be made to do this.

all your assets would be placed in the trust, and the trust instructions would be such that your hubby gets whatever access to them that you want, and your children when he dies.

you need to define the access in the trust.

 

[seniorjudge]

a living trust can certainly be made to do this.

all your assets would be placed in the trust, and the trust instructions would be such that your hubby gets whatever access to them that you want, and your children when he dies.

you need to define the access in the trust.

That is, if hubby survives wifey. All contingencies should be addressed.

 

[cyjeff]

Of course, the easiest way is just to outlive hubby.

 

[TrustUser]

my answer stands, as is. the hubby gets access to whatever. when he has died, the children.

as i said, this is all stated in the trust document.

if she happens to outlive hubby, then he will have died and the assets go to the children, assuming that she wrote her trust that way.

she may want to keep the assets in trust for her children, instead of distributing to the children directly.

 

[curb1]

If "hubby" outlives "savvy160" with total access to the assets, I would be willing to bet that the asset value on his death would approximate zero. He could dispose of the assets fairly easily unless he was never given assets.

Savvy160 said, "I want all of my assets to pass to my husband on my death".

Be careful and get help.

 

[TrustUser]

you are correct. if he is given the assets (or control of them), there is not much stopping him from selling it (using it up - LOL), placing the funds in his own name, and then passing it on to his own children.

this is why i placed the suggestion about keeping the assets in trust. i mentioned for the children, but the same concept for the hubby.

such that hubby has a lifetime beneficiary interest in the trust assets, and then the op's children inherit the lifetime interest when the hubby dies.

this is one case where i think i would try and find someone other than the hubby to be the trustee.