Inheritance needs to be updated???
We have two adult children one of which who has died leaving her son and husband. We have a trust leaving our finances to our two children. In the event we should die, does my daughters son get her share of the trust or does it all go to my son? Also does my daughters estranged husband entitled to anything? Should we have our trust updated to disburse as we want?
Terry Says
Absolutely and IMMEDIATELY update your trust. Assuming your grandchildren are minors, there is more work to be done.
And money left to the daughter with the estranged husband should also be placed in a trust for her. And she needs to know that if she inherits this money and is still married, she must not co-mingle this with marital assets (such as “improving” the house) or it could all become fodder for a divorce fight.
See an estate planning attorney specialist immediately. Unfinished business like this only tempts fate!!
