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Guest
State: Missouri
My father died, leaving a comfortable estate for my mother. My father wanted the assets they accumulated to remain within the family, but there are no legal arrangements about this. Her assets are presently in a revocable living trust.
She is now planning to remarry. She is 51, so there will be no children at issue with this new marriage to complicate things. My expectation is that the income from the estate will be available for her new marriage but that the estate, which is generating the income, will not be.
My mother says that she has no problem with this, but I'm very concerned about how her committment to this may change as there is nothing to keep her from deciding, down the road, that she wants to turn assets over to her new husband or to begin drawing down the estate assets for her new marriage. I realize that a prenuptial agreement is the way to handle concern about a claim the husband could make, but I'm wondering how she can keep control of her assets while ensuring that she can't do anything that would redirect those assets toward her new marriage. I want to both protect the expected inheritance of me and my brother, and make sure that if the marriage fails she will walk away from it with her assets and reasonable growth on those assets intact.
How would this normally be handled?
Is there a way that she can legally and irrevocably limit her ability to do certain things with the assets (such as giving them to her new husband or using them for her new life with him), while not relinquishing complete control over them? The more drastic step of an irrevocable trust is something I would rather avoid.
I suspect that the prenuptial agreement, especially since it can be freely revoked later, could not have the intended effect of limiting her ability to do the above things.
I need a proper direction to research this? I would like to be better educated before we all meet with the lawyers.
Thank You
My father died, leaving a comfortable estate for my mother. My father wanted the assets they accumulated to remain within the family, but there are no legal arrangements about this. Her assets are presently in a revocable living trust.
She is now planning to remarry. She is 51, so there will be no children at issue with this new marriage to complicate things. My expectation is that the income from the estate will be available for her new marriage but that the estate, which is generating the income, will not be.
My mother says that she has no problem with this, but I'm very concerned about how her committment to this may change as there is nothing to keep her from deciding, down the road, that she wants to turn assets over to her new husband or to begin drawing down the estate assets for her new marriage. I realize that a prenuptial agreement is the way to handle concern about a claim the husband could make, but I'm wondering how she can keep control of her assets while ensuring that she can't do anything that would redirect those assets toward her new marriage. I want to both protect the expected inheritance of me and my brother, and make sure that if the marriage fails she will walk away from it with her assets and reasonable growth on those assets intact.
How would this normally be handled?
Is there a way that she can legally and irrevocably limit her ability to do certain things with the assets (such as giving them to her new husband or using them for her new life with him), while not relinquishing complete control over them? The more drastic step of an irrevocable trust is something I would rather avoid.
I suspect that the prenuptial agreement, especially since it can be freely revoked later, could not have the intended effect of limiting her ability to do the above things.
I need a proper direction to research this? I would like to be better educated before we all meet with the lawyers.
Thank You