Should I put a living Trust into place since I’m divorced and have remarried?

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Should I put a living Trust into place since I’m divorced and have remarried?

My husband and I live together but I own all assets (including the house and property). His name is not on anything. My new husband is now being sued for marital debt from his previous marriage. Should I pass on, without a living Trust in place, he rightfully receives everything I own as my spouse including all monies as my beneficiary. If he does not repay this marital debt, can his ex-wife take him to court and make him pay with any monies he received upon my death?

Asked on April 4, 2013 under Estate Planning, Michigan

Answers:

Victor Waid / Law Office of Victor Waid

Answered 8 years ago | Contributor

Immediately obtain yourself estate planning counsel to set up an estate plan encompassing a trust, a pour over will, a durable power of attorney, advance healthcare directive, and be sure to have the assets you have transferred into the trust, so the trust is funded and protected from the creditor suing your husband. This is urgent. Take care of this NOW, and don't be looking for the cheapest attorney, as you get what you pay for in legal services; and watchout for flat fees; I charge an hourly rate. Flat fees have the potential of short changing the client on the quality of work. Shop around and don't fall for the trap of initial counsel is free. Obtain recomendations of at least three counsel, and then make a choice.


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