I am in the process of creating a Living Trust that will include my three children from two previous marriages, as well as my wife and new child.
I have made good on all my joint custody agreements and child support payments, including college payments for all three of my children from previous marriages.
I have learned that if I die without a will or trust, the three children from my previous marriages could make claims against the house I built with my present wife, even though they have never lived in it, even though it's a house my wife and I built together with our own hard earned money after twelve years of marriage, a house she and I and our new baby live in presently. Is that so?
Here's my situation:
My first wife died a year ago. We were divorced in Colorado in 1975 after seven years of marriage. She is survived by our daughter (36) and grandson (10). They just moved to New Orleans and have inherited my first wife's estate in Montana which they are liquidating.
My second wife lives in Connecticut with her husband of 18 years. We were divorced in 1987 in Connecticut after nine years of marriage. We have a son (28) who lives at home and is very dependent and a daughter (24) who lives in Portland, Oregon, who is very independent.
My third wife and I were married in 1995 and live in a house we built in Suffolk County, New York, in 2003. After twelve years of marriage we had a son (five months old) in Feb. 2008.
When I die I want my house to go to my present wife and our son. I will set aside my pension fund to be divided equally between all four of my children and my wife.
I am worried that my two children from my second marriage will try to force my wife to sell the house - to get their piece of the pie, so to speak, and to express their mother's latent anger. My ex of 22 years will undoubtedly help them, as she is still angry and jealous, even though she remarried before me.
I have contacted an attorney, but I cannot afford the $3500 flat fee to draw up the trust. I have heard that if I draw up a simple will, that could go to probate courts and in the end cost even more. Isn't there a way I can protect my estate in a Living Trust that is legally well drawn up, but one I can afford?
I feel too poor to protect the home I live in. I am a leukemia survivor, so I have had a good look at death, and I want to leave behind a Living Trust that both protects my estate and includes all my children. I love all of them equally, and I want them to know and see that in the end.
I have a life insurance policy ($250,000) that will go to my wife, and accidental insurance ($300,000) that will also go to her. She has the same for me. I have a pension fund ($170,000) and the house ($400,000).
Any advice on securing a Living Trust that is well written and affordable would be most appreciated.
I have made good on all my joint custody agreements and child support payments, including college payments for all three of my children from previous marriages.
I have learned that if I die without a will or trust, the three children from my previous marriages could make claims against the house I built with my present wife, even though they have never lived in it, even though it's a house my wife and I built together with our own hard earned money after twelve years of marriage, a house she and I and our new baby live in presently. Is that so?
Here's my situation:
My first wife died a year ago. We were divorced in Colorado in 1975 after seven years of marriage. She is survived by our daughter (36) and grandson (10). They just moved to New Orleans and have inherited my first wife's estate in Montana which they are liquidating.
My second wife lives in Connecticut with her husband of 18 years. We were divorced in 1987 in Connecticut after nine years of marriage. We have a son (28) who lives at home and is very dependent and a daughter (24) who lives in Portland, Oregon, who is very independent.
My third wife and I were married in 1995 and live in a house we built in Suffolk County, New York, in 2003. After twelve years of marriage we had a son (five months old) in Feb. 2008.
When I die I want my house to go to my present wife and our son. I will set aside my pension fund to be divided equally between all four of my children and my wife.
I am worried that my two children from my second marriage will try to force my wife to sell the house - to get their piece of the pie, so to speak, and to express their mother's latent anger. My ex of 22 years will undoubtedly help them, as she is still angry and jealous, even though she remarried before me.
I have contacted an attorney, but I cannot afford the $3500 flat fee to draw up the trust. I have heard that if I draw up a simple will, that could go to probate courts and in the end cost even more. Isn't there a way I can protect my estate in a Living Trust that is legally well drawn up, but one I can afford?
I feel too poor to protect the home I live in. I am a leukemia survivor, so I have had a good look at death, and I want to leave behind a Living Trust that both protects my estate and includes all my children. I love all of them equally, and I want them to know and see that in the end.
I have a life insurance policy ($250,000) that will go to my wife, and accidental insurance ($300,000) that will also go to her. She has the same for me. I have a pension fund ($170,000) and the house ($400,000).
Any advice on securing a Living Trust that is well written and affordable would be most appreciated.
