Legal Question in Wills and Trusts in California

beneficiaries

My husband and I have wills. He has a life insurance policy with me as the sole beneficiary with our 4 kids as secondary beneficiaries upon both of our deaths. Because we live in California, this is way the beneficiaries had to be set up. If he dies first, he wants me to set up trusts for the kids with 50% of the insurance money divided among the 4. There are no provisions for this that can be put into his will, so it is just my word that I will do that. Now his ex-wife wants him to notararize a letter stating that their two kids (2 of the 4)will have the trusts and that I will do it done upon his death. We are figuring that she does not trust me to do this so she wants it in writting. Is this a valid thing to do?


Asked on 1/19/07, 3:48 am

3 Answers from Attorneys
Mark Muntean Mark Muntean, Attorney at Law

Re: beneficiaries

Actually you don't have to wait for anything. You can have a trust set up now to address all of these concerns.

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Answered on 1/19/07, 10:18 am
Chris Johnson Christopher B. Johnson, Attorney at Law

Re: beneficiaries

I'd recommend having a simple trust language in his will, and then make that trust the beneficiary of 50% of the life insurance money. This will also benefit you by using his gift tax exemption rather than yours, which would be the case if you set up the trusts after his death.

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Answered on 1/19/07, 12:50 pm
Vandad Moheban Moheban Law Firm

Re: beneficiaries

There are several options available to address this issue.In order to best address the issues presented in your inquiry, our office would be happy to provide you with a free 30 minute telephone consultation. Please feel free to contact our office, toll free, at 1.877.MOHEBAN. Ask for Vandy Moheban, Esq. www.lmapc.com

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Answered on 1/24/07, 12:28 pm


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