to the Trust, You are the beneficiary. I think living is you can change it. The Trust has the asset, not you.
Look this
Q: Is there any way for my dad to stipulate in his will that AFTER his wife dies, his kids gets some of what's left? Dad will likely die first. He plans to leave everything to his wife (our stepmom), which makes perfect sense. However, after she dies, we know she will leave all the money to HER kids, and not his. Is there anything he can do to suggest we get some if there is any left?
A: Where there’s a will—or a trust—there’s a way to do this. You might imagine that you are not the first to want an arrangement that would reasonably provide security during a stepparent’s life, then allow it to revert to the other parent’s natural children.
And so your father could stipulate in his will that his wife gets a life estate in certain property—the right to use and enjoy the property as long as she is alive—then have it pass to other secondary beneficiaries. He could choose either to name specific secondary beneficiaries for specific property—or have all the property go into a pot and then be divided by named survivors, either in equal parts or in differing percentages.
And your dad could accomplish the same thing by setting up a trust that directs how his valuable property should be divided. In a common arrangement, for example, married couples create something called an “AB” trust for their property. When one spouse dies, the survivor gets only a life estate interest in the deceased spouse’s trust property, which is tagged to go to back-up beneficiaries—such as named children—when the surviving spouse dies.
Because these arrangements are sometimes a tad tricky to set up, your dad might want to hire a lawyer for help.
Look this
Q: Is there any way for my dad to stipulate in his will that AFTER his wife dies, his kids gets some of what's left? Dad will likely die first. He plans to leave everything to his wife (our stepmom), which makes perfect sense. However, after she dies, we know she will leave all the money to HER kids, and not his. Is there anything he can do to suggest we get some if there is any left?
A: Where there’s a will—or a trust—there’s a way to do this. You might imagine that you are not the first to want an arrangement that would reasonably provide security during a stepparent’s life, then allow it to revert to the other parent’s natural children.
And so your father could stipulate in his will that his wife gets a life estate in certain property—the right to use and enjoy the property as long as she is alive—then have it pass to other secondary beneficiaries. He could choose either to name specific secondary beneficiaries for specific property—or have all the property go into a pot and then be divided by named survivors, either in equal parts or in differing percentages.
And your dad could accomplish the same thing by setting up a trust that directs how his valuable property should be divided. In a common arrangement, for example, married couples create something called an “AB” trust for their property. When one spouse dies, the survivor gets only a life estate interest in the deceased spouse’s trust property, which is tagged to go to back-up beneficiaries—such as named children—when the surviving spouse dies.
Because these arrangements are sometimes a tad tricky to set up, your dad might want to hire a lawyer for help.
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