My spouse, who has Stage 4 Terminal Cancer, made a Will, but no Trust. The Will states 70% of assets go to me and 30% go to our child. However, my husband owns no property (we rent our home). Am I obligated to set up a Trust Fund for me and my husband’s child (our child is a minor)?
I am so sorry for your difficult situation.
Any assets passing to a minor child through a probate are held in a conservatorship, or trust fund for the child. If there are no assets passing through probate, no assets will go through the conservatorship. Other assets that might go through a conservatorship are life insurance policy proceeds which pass to your child directly from your husband’s life insurance policy, if any.
The best way to avoid probate is with a revocable living trust. I would strongly recommend that you see an estate planning attorney as soon as possible, to see if a revocable living trust is needed to avoid a conservatorship of your minor child’s assets. Don’t delay.
This answer does not constitute legal advice and does not and is not intended to create an attorney-client relationship. The law may vary depending on the state in which you reside. It is intended only to give some direction in which to seek assistance.
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