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Estate Planning >> Trusts & Living Trusts >> Living trusts and divorce
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| Discussion: Living trusts and divorce | - |
| Joined 19 Dec 2021 7:43 pm
1 post
Unrated |
I am the victim of identity fraud and the perpetrator is in prison. As a result my credit was destroyed and many of those creditors still try to collect on debts that are not mine. As a result, when I sold my real estate last year, many of those creditors that had liens and judgements were unfairly paid. When I purchased our new home (with the proceeds from selling my other property), we put the property in just HIS name instead of both. This was to avoid what happened last time. Unfortunately, now I would like to protect my interest in this property (which is 100%). If something ever happens to my husband, I am not even on the deed! The mortgage company does have a due on sale clause and will not allow me to be added to the deed unless we refinance or pay off the mortgage. They will, however allow us to put the property into a living trust. My thought is to put it in a living trust with me as the trustee, and my husband has agreed. My question is, will the living trust allow me to retain control over the property if we ever divorce? I know it should be fine should he pass away, but what about divorce? I am in the state of Oregon.
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| Joined 26 Jan 2022 1:01 pm
144 posts
9.6/10 Rating |
Dear SherryG,
As we understand the circumstances, an irrevocable Living Trust (inter vivo trust) may be an option for you. If you are the trustee and beneficiary of the trust, and your husband signs it irrevocable, you control the trust, not him. If the trust is irrevocable it can not be changed by a divorce unless the trust has a divorce clause.
You shall state in the trust agreement that it is your husband’s clear intention to make to the beneficiary named in the trust (you) an absolute gift of the property located at such and such address, and that clause shall not be affected by the divorce.
Please note that Legal Helpmate is not a law firm and this information is given for your information only and does not constitute a legal advice.
Best regards,
Legal Helpmate
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cci (Offline)
UNITED STATES |
| Joined 28 Mar 2022 11:41 am
1 post
Unrated |
My husband and I have a living trust. I am trying to understand what will happen upon my death. The trust assets are written to be divided between our two sons - but that I'm sure is upon both of our deaths?
Could I (by California law) have 50% or my portion of our assets go to my children at the time of my death - if my husband is still alive or if he remarries after my death? If so, do I make this change in the trust or through another legal method?
My desire is to gift the assets I earned to my children at my death because I do not know what will occur with my husband after I die.
Another question - Since I have two adult sons can they both be the executor of the trust? Right now my sister is the executor and I'm not sure that's the best choice since my children are adults?
These are probably standard questions - Thank you
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