Reply to Remarried -- how best to structure my will/trust for my adult children.

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[quote=Anonymous]My parents divorced when I was a teenager and my mom remarried shortly after.  Her new husband was also divorced and had four children.  They set up separate trusts.  Whichever spouse passed first, the other spouse was only entitled to the income that the deceased spouse's trust generated.  The surviving spouse could not touch the principal unless all of their assets were depleted.  When the surviving spouse died, then the heirs would inherit their parent's trust.  The idea was to protect the surviving spouse - make sure they had enough money to live on while also protecting the two separate families.

My mom and her husband were very intentional.  They also stipulated that any furniture/personal items that they brought into the marriage would stay in the appropriate family.  But if an item was needed to "maintain the home" it had to stay in the house until the surviving spouse either died or agreed to let the item go.

I don't remember how they setup the house.  But once it was sold, the proceeds were split equally among the six children (me, my brother and my four step siblings.).

My mom died first and my step-father died four years later.  Everything went very smoothly and my brother and I inherited my mom's trust when her husband died - just as they had planned.  My mom had $200K in her trust and at the time of her death, my step-father's had $1M.  I have no idea how much was left in his once he died.[/quote]

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