Who has legal rights to an assets if part of it is held in Trust and/or another person’s name?

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Who has legal rights to an assets if part of it is held in Trust and/or another person’s name?

I have been married for 7 years now; we’ve been together 10 years. My husband has a brain injury (from when he was a teenager) but was never deemed disabled. He has a trust in his and his mother’s name, and the house we have been living in is in his and the Trust’s names (which his mother’s name is on).What legal right do I have to our home? Are there any legal rights that my children have to any of his money in his trust?

Asked on November 12, 2012 under Family Law, Missouri

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

First, marital property is property acquired during the marriage with some exceptions: 

(1) Property acquired by gift, bequest, devise, or descent;

(2) Property acquired in exchange for property acquired prior to the marriage or in exchange for property acquired by gift, bequest, devise, or descent;

(3) Property acquired by a spouse after a decree of legal separation;

(4) Property excluded by valid written agreement of the parties; and

(5) The increase in value of property acquired prior to the marriage or pursuant to subdivisions (1) to (4) of this subsection, unless marital assets, including labor, have contributed to such increases and then only to the extent of such contributions.

There are also some nuances to these rules that are best explained in person.  Now, the terms of the trust will govern how a court will view the asset in a dissolution (divorce).  Does your husband have the right to terminate the trust or withdraw trust assets?  These are important rights and really the trust must be read in order to let you know who has the right to what here.  Your children always have a right f inheritance unless that right is abrogated by their father.  Please bring the documents in question to ana ttorney to review.  Good luck.


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