Q: Realty Trust and/or Family Trust?
My wife and I have 1 single home jointly owned, and a 2-unit rental in my name only (had it since before marriage). We agreed, since we have no kids, after we’re gone, our inheritance goes to my nephews and niece. Wills have been drawn up, if I go first she gets all, the same if she goes first I’ll get all. My concern is, should I go first and my wife gets all, someone in her side of the family might convince her into changing her will to their benefits. How to safeguard the real properties and also the cash accounts at the banks and brokerages from being modified after my death.? Thanks. (Yes, mortgages exit on both homes)
A: This is a very common concern and there are definitely ways to solve this problem, but this is not a do-it-yourself project. You should hire an estate planning attorney to help you with this. The attorney will explain to you the pros and cons of the various solutions.
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