estate planning

How do I change beneficiary?

My bank account is a living trust. and my only asset. It is under $70,000. I am the trustee. I have a corresponding will. How do I change beneficiaries? ANSWER BY MARGARET CROSS-BELIVEAU: You can amend your trust to change the beneficiaries of your trust. The trust only controls assets held by the trust. Normally the corresponding will is a pour over will which means that if there are any assets held outside the trust going

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How do I stop credit card companies from seeking payment from my wife after I die?

I am older than my wife and I have substantial credit card debt that I don’t want her to be responsible for after I am gone. ANSWER BY MARGARET CROSS-BELIVEAU: Unless your wife agrees to is, she is not responsible for your debts, only your estate is.  So put all of your property in her name and your creditors can’t touch her after your death.  She will need to do her own estate planning so that

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How to ensure family rental stays with the siblings?

My siblings and I were bequeathed a summer cottage in Rhode Island when our father passed away. While we technically own the structure, we rent the property (to use from May to October). As per the campground owner’s stipulation, only one sibling’s name can be on the lease. This makes us nervous, since if that sibling died or divorced, their spouse might feel entitled to a portion of the cottage, not to mention, there is no

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If I have a life estate who holds deed and pays bills?

My friend wants to give me a life estate in his home. Then he wants to leave home to charity….how will deeds and will be set up and who pays taxes, etc?? ANSWER BY MARGARET CROSS-BELIVEAU: I think what you are saying is that after your friend dies, he wants you to be able to live in the property for your life and after your death the property should be donated to a charity. Your friend

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I raised my granddaughter from a baby and I have a son if I leave house to both does my son have more say so than her?

I raised my granddaughter from a baby. I have a son. Upon my death, if I leave house to both of them, does my son have say so over her whether to sell or keep the house ??? ANSWER BY MARGARET CROSS-BELIVEAU: If you leave it to them equally, he doesn’t legally have more of a say that your granddaughter. However, is she is a minor, he can control the asset as her guardian. Follow us

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Can I leave my house to my daughter alone if she is married?

I don’t want him to have any control. ANSWER BY MARGARET CROSS-BELIVEAU: You can deed it to her individually, but if he is a controlling person he could easily use pressure for her to put his name on the deed.   He could also divorce her and take half.  Leaving it in trust for her is the only way to completely safeguard the asset. Follow us on Facebook Follow us on LinkedIn Legal Disclaimer: Please note that

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Can a married person create their own separate living trust without any involvement of their spouse?

One of my parents wants to make their own separate living trust without the other parent involved at all (no signatures or notarized paperwork required from the other parent). I know usually married couples both create their own separate living trusts together but I had trouble finding out if just 1 person can create their own separate trust and the spouse not have one at all. Thank you. ANSWER BY MARGARET CROSS-BELIVEAU: Yes, it can definitely

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Property bought during marriage. My name is not on deed: Is it default TE or a TIC? How can my son (not his) inherit?

Spouse purchased property during our marriage but my name was not on the deed or mortgage. The only thing I care about is that my son has a place to live if I’m not around, that he inherits half. I think that tenancy by entirety means spouse gets 100%, son 0%? Is that what the deed currently is by default? Does a TIC allow my son to get 50%? Is there some way to make sure

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Will my children get my inheritance from my father if I die before him?

My father has a will. His will states when he passes, my two siblings and I will each get an equal share of his money. He does not mention anything about his grandchildren or what would happen if one of his children passes before he does. If I pass before my dad, when he passes will my share of the inheritance from him pass down to my children (my will states everything goes to my children)

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