Legal Question in Wills and Trusts in California
Irrevocable Trust
I am engaged to be married to a man
who has considerably more wealth
and financial value than me. He has
an irrevocable trust in his grown
daughters' names. He wants to use
that as the down payment on the
house we will buy before marriage.
His lawyer has advised him to keep
the house in his and his daughters'
names (my name would not be). I
am very bothered by this. He claims
that I'd be protected if he died. But it
feels wrong to me. What if he dies. I
will be living in his daughters' house.
I feel as his wife, we should share
ownership and own the house
together. The daughters will inherit
their portion when I die if I outlive
him. Does this sound wrong to you?
3 Answers from Attorneys
Re: Irrevocable Trust
There are some very complex issues here. You should be represented by your own attorney. Ask your fiance to pay for it.
Re: Irrevocable Trust
Your understanding is correct--without some agreement with his daughters, they can take the house back, or at least claim their ownership in a portion of it.
I'd recommend an agreement between all the parties regarding ownership of the house (how will the loan payments be credited, and to who, for example), as well as exploring the possibility of a prenuptial agreement so that you both have the same understanding of your finances together.
Re: Irrevocable Trust
It sounds to me like you a doing the right thing by questioning these matters before marriage instead of after. A pre-nup is usually a good thing in the sense it lets both sides know what the other expects out of the marriage. If you cannot agree, then I would say the best divorce is the one that never happens.
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