A Living Trust vs. New Wife

[Drea0416]

What is the name of your state (only U.S. law)? CA

My parents, who were married 35 years, made a living trust a few years back leaving the house, etc. to my brother and I equally. My mother passed away 3 years ago from cancer. My father now has a live in girlfriend and I just found out they are getting married. I need to know if my dad marrying this woman will change me being the beneficiary to my parents 401k account and anything drawn up in the trust?? I'm worried that everything my parents worked for their entire life will end up with this woman if something happens to my father. I do not have a copy of the trust, but have been told I need to get one FAST.

 

[curb1]

1) What does your Dad say about this?

2) Who is the beneficiary listed on the 401(k)?

3) What assets are listed with the Trust? Bank accounts? Real estate?

 

[LdiJ]

What is the name of your state (only U.S. law)? CA

My parents, who were married 35 years, made a living trust a few years back leaving the house, etc. to my brother and I equally. My mother passed away 3 years ago from cancer. My father now has a live in girlfriend and I just found out they are getting married. I need to know if my dad marrying this woman will change me being the beneficiary to my parents 401k account and anything drawn up in the trust?? I'm worried that everything my parents worked for their entire life will end up with this woman if something happens to my father. I do not have a copy of the trust, but have been told I need to get one FAST.

Most living trusts are not funded until both parties to the trust have passed away. Therefore, its likely, or at least possible, that your parent's trust is not yet funded. If its not, then its irrelevant for you to see a copy of the trust.

Your father is free to name anyone he likes as the beneficiary to things like a 401k, bank accounts, life insurance etc. Him getting married will not automatically change anything, but that wouldn't stop him from choosing to make changes. If you make a big deal about his remarriage and end up estranging yourself from your father, you could make things happen that you don't want to happen.

 

[TrustUser]

most people who i know who have had a trust made up for themselves, have also had it funded.

while the mistake of not putting anything into the trust does occur, i think it is by far in the minority.

many couples have an A/B trust option as their living trust.

this means that upon the death of the first spouse (in this case your mom), her half is irrevocable.

he can do what he wants with his half.

it really depends on how much your dad has, how smart he is, and what he really wants to do.

it is not uncommon for a person to set up his trust to take care of his spouse until said spouse dies, and then leave to his children.

it is also not uncommon for the new spouse to get everything upon the death of the other spouse.

i am not sure what rights you have to see the trust document, if any ?

but if it is an a/b trust, you may have rights to see it, being that you are now an actual beneficiary, instead of just a possible one ?

every relationship is different, so only you know if your dad is approachable.

but i would at least suggest considering saying something to him - but more upon the lines of making him aware of possibilities, and suggesting to him that he may want to re-look into his trust, to see if the document is in line with what his actual intentions are.