FInal Sale

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Posted By: Bill Todd

Cat,

My wife and I just got back from having our documents updated. You can set up a revocable trust, put all your titled property in the trust--house, checking account, everything--and name your son as beneficiary, then name a trusted person (your mother, one of your siblings if you have any, etc.) as trustee. In your will you leave everything that isn't titled to the trust. That way if anything should happen to you, all the property still ends up with him. A side benefit is that if property stays in the trust, then (at least in Maryland) it's not considered to be part of community property. If he ever ends up divorced, the inheritance doesn't get split in half. (The whole business is a little more complex than that, but that's the basics.)

The scenario you laid out is exactly what we don't want to happen with our daughter. You die, everything goes to Mom. She dies, everything goes to new husband. He dies, everything you'd worked to build up goes to his kids/grandkids, who you may have never even met.

Glad to hear you've already started the process. It ain't cheap--professional advice hardly ever is--but you'll end up being sure that your wishes are respected and acted on. Now go rest in peace. Uhh... you know what I mean.

Bill