estate planning attorney vs will
Hi Terry, My boyfriend and I own a home together and we are both on the deed. I have inherited a considerable amount from my deceased parents and would like to protect it for my children and grandchildren. It is now invested in fidelity accounts and I have my families names on the accounts as beneficiaries. Would it be in my best interest if I saw an estate planning attorney? We are planning to give my 2 boys 25% each of our house proceeds and his daughter 50% but he does not have a will yet and I do. I guess there are a few questions in this paragraph! I hope you can point us in the right direction. Thanks so much,
Terry Says
You absolutely DO need an estate planning attorney NOW. First, you need to understand the rights to the title of your home. If you are “joint tenants with rights of survivorship” — and if you die first, THE ENTIRE HOUSE will go to him. then you can depend on him to do the right thing by your children. That’s definitely a poor plan.
Second, you need to protect and KEEP SEPARATE your own inheritance. If the money is not in an IRA rollover, then your family is NOT a beneficiary. That designation is reserved for IRAs!
You’ll likely need to set up a Revocable Living Trust to hold those accounts — and keep them separate from any claims his family might make on them, as well as to distribute them equitably.
You DEFINITELY need an estate planning specialist!
And while you’re at it, get him to make his own will — and also each of you should have a healthcare power of attorney — because the hospital won’t even let you in to visit if you’re not married!!!