How to properly allocate property in a trust?
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How to properly allocate property in a trust?
I am preparing my Will on-line, and have a question in regards to allocating my property properly. I live in a community property state, so I believe everything I own belongs 50% to my wife, no matter what, correct? In this instance, everything will go 50% to my wife. For the remaining 50% that belongs to me, I would like it to go 25% to my daughter and 25% to my son. In the Will I am preparing, it asks the percentage of how I would like my assets distributed. Since it is my Will, and not my wife’s, should I be allocating 50% to my daughter and 50% to my son, therefore they will each get half of my 50%?
Asked on October 23, 2011 under Estate Planning, California
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I beg of you: please go and seek help from an attorney on this matter as soon as you possibly can. Do not rely on the on-line service to create a Will for you because I can only see that leading to a Will contest proceeding once you are gone. Property held jointly with a spouse - house, joint bank accounts, etc., - passes by operation of law at the time of your death. In other words, it becomes hers and hers alone. So what other property are you talking about here? And then there are concerns about disinheriting your spouse from that portion of the estate that may not be considered jointly held. Please seek help. Good luck.
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