Q: Is there anyway for a spouse to dictate in a will how a surviving spouse handles the inherited money?
My dad has a lump sum of money that they pull interest off of to live on in retirement, but he's in poor health and my mom has some substance abuse/alcohol problems and his concern is that she'll squander it all when he's no longer around to oversee her. Can he dictate that she leaves the money set up as it is when he passes? Or that my brother and I jointly have some sort of oversight on the account?
A: A surviving spouse has certain special rights, more so than a child or any other relative. Discussion of those rights ( homestead, exempt property, elective share and years support) will require more than can be provided in this question and answer format. For sure, he should have a will and name a trusted person as the executor. This will at least make sure that only the minimum allowable portion of this money go to the spouse assuming she insists on her minimum rights. Get him to an estate planning lawyer who can advise him on the rights of a surviving spouse.
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