I'm making my will

lizper said:

thank you for your help... I
thank you for your help... I think this is always a complicated matter. The thing is if it was money earned by me I would have no doubt on leaving my husband in the will together with my 3 children. I have thought about him having economic difficulties If I'm dead...but on the other hand the properties and money I inhereted by my Mother was her hard work...and I promised it would be for her grandchildren. Gee...Thanks again...I'll have to think some more.

check with attorney
You might consider leaving your money in a trust that specifies your spouse receives a percentage of interest earnings each year or even an annual stipend rather than a set amount. Depending on the age of your children or grandchildren you may not want them to have complete access to the entire inheritance until they reach a certain age or limit withdrawals for education expense or whatever you deem appropriate.

I agree with Linda’s suggestion to talk this over with your spouse but on the other hand, if you have reasons not to, the reality is that since you’re talking about your will the presumption is you’ll be gone when he finds out how you’ve determined to allot your money. Whether to include your husband in your estate planning discussions is a personal decision but other aspects relating to writing a will or setting up a trust are best made with professional help.

States have different rules about inheritance, especially by a spouse. In Michigan if retirement savings are to go to someone other than the spouse, the spouse must agree in writing. (This came about because an auto exec left his 401(k) to his secretary and the wife successfully sued!) Also, by statute in my state, a spouse is entitled to 1/3 of the marital estate. (Interestingly, the spouse is entitled to 50% in a divorce) Some states do not consider property acquired prior to marriage or an inheritance part of the marital estate but that can differ depending on where you are domiciled. I would definitely check with an attorney who specializes in estate planning since the laws in each state vary.

There are other issues to consider when putting a will or a trust in place. I always worry about what will happen in the event I’m still living but unable to make decisions about my money, medical care, etc. so I made sure that I appointed a trustee just in case. A lawyer who works in this area can also help you protect the inheritance from estate taxes, etc.

Believe me, the money spent for professional advise and taking the time to plan ahead as best you can is well spent. I’ve found that while specialists sometimes charge a larger hourly fee in the long run the cost is less since they are well versed in their area of practice and the time spent is usually less. Check credentials and get references! One friend is battling the IRS because she was given poor advice regarding the distribution of her father’s money when he was stricken with Alzheimer’s. Another close friend has been through a nightmare with her parents in the past few years because she lives in a different state and her mother did not make written arrangements for her care prior to succumbing to senility. Don’t assume the best, especially if your estate is large. Sometimes, even modest sums of money can bring out the worst in the people you would least suspect of taking advantage of such situations!