08-14-2006, 05:19 PM
Use CAUTION with the living trust. My Father remarried after my mother's death. He and my new stepmother had almost and equal share of assets. Dad's intent was that assets would go to whomever out-lived the other, and upon the death of the second party, the remaining assets would be shared 50% to my step-mother's children and 50% to my Dad's children. Not much was involved other than a nice house. GUESS WHAT, after dad's death... the stepmother deeded the entire house over to her children several years before her death. Dad's children were left with nothing. When we contacted the attorney, he said the remaining trustee (stepmother in this case) has the legal right to change anything. In the case of second marriages, there needs to be something to prevent the one side from getting the shaft.