By Brent Ripley,
Attorney at Law Partner Jamestown Wealth Management
Let me pose an uncomfortable question. Where would you want your assets to go if one of your children died before you, but left children of his or her own? To the surviving spouse (your son or daughter-in-law) or to your grandchildren?
Most would say, “Not to the daughter (or son)-in-law!” He or she could re-marry and the new spouse might get it. But check your will or living trust and see if it contains language that says something like this: “I give, devise and bequeath what’s left of my Estate to my children or the survivor or survivors of them.”
That phrase “or to the survivor or survivors of them” produces an often unfortunate and unintended result.
With “survivorship” language in your Will or Trust, if you were to die predeceased by just one of your 3 sons (for example), your two other sons will divide up your estate to the exclusion of your grandkids from that first son.
Another possibility is that his surviving spouse could take it, re-marry, and then divorce or die, leaving it exposed to the new husband or wife.
If your will or trust has language like I’ve described, see a competent adviser. Better yet, come see me for a free check-up. I will let you know exactly what the results of your existing trust will be.