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You could also create a beneficiary deed or a transfer on death deed in order to ensure that your home goes to your children. Alternatively, you could create a will or transfer the home to a living trust.
Assets Owned by a Trust Many clients in second marriages use trusts to protect the assets and control the distribution to the children, rather than to the spouse. There is no law that requires the client's trust to include the spouse as a beneficiary.
In the absence of a prenuptial or postnuptial agreement, Californians can't completely disinherit their spouses due to California's community property laws. California is one of a handful of states that is a ?community property state.? This means that all assets acquired during the course of the marriage are owned ...
Divvying up your estate in an equal way between your children often makes sense, especially when their histories and circumstances are similar. Equal distribution can also avoid family conflict over fairness or favoritism.
When you place your spouse first and vice versa, you'll both feel more loved and appreciated. "This can make the kids feel more comfortable and happy too, since the quality of their parents' relationship?and thus the quality of their home life?can be genuinely positive," Thomas says.
If you have no living parents or descendants, your spouse will inherit all of your intestate property. If you die with parents but no descendants, your spouse will inherit half of intestate real estate and the first $100,000 of personal property.
Below is a summary of how a surviving spouse inherits under the Intestate Succession Act. If the decedent spouse is not survived by any lineal descendants or a parent, the surviving spouse gets title to 100% of the real property, and 100% of the personal property.
Trusts. Setting up a trust is one of the most common ways of shielding your assets, and it's easy to do. If you want to pass money to your children today, you can create the trust now. If you want to wait until you're gone, a trust can be created through your will and go into effect later.