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Ask Barrister Your Own Question
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 34736
Experience:  16 yrs estate law, real estate. Wills/Trusts/Probate
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My husband from a previous marriage has an irrevocable trust

Customer Question

My husband from a previous marriage has an irrevocable trust with his deceased wife. What measures do I need to take to protect myself? There is know prenup or planning for our future.
JA: Handling a trust can seem complicated, but getting the right information now can only help. The attorneys we work with have a lot of experience, and I'd like to match you with the one who's the best fit. Have you talked to a lawyer yet?
Customer: No
JA: Anything else you think the lawyer should know?
Customer: I do not have a copy of trust just know that it exist according to my husband we were suppose to do a prenup but never did. He owns his on company and deals with lots of cash. I really don't care that his kids get whatever but I do not want to be out on the street.
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Estate Lawyer about your situation and then connect you two.
Submitted: 7 months ago.
Category: Estate Law
Expert:  Barrister replied 7 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply,but rest assured, I am working on your question.

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Can you tell me what state this is in?

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Are you asking if there is any way to force your husband to provide for you in the event that he passes or you divorce?

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Do you have your own separate assets that you brought into the marriage?

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Have you purchased anything together since being married?

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thanks

Barrister

Customer: replied 7 months ago.
We have been married 3 years together 5. Live in Tennessee. The home we live in he built and had moved in 3 months prior to me moving in that he paid cash for. He is a builder and an accountant. However he has told me he is in breech of irrevocable trust because he did not have me do a prenup that was for my protection. His wife and he were separated when she passed it was very messy. I just need to know what I need to do to protect myself. Do I go out and purchase life insurance do I have a claim to marital assists as his business is doing well again. I see him spending money for college buying new cars for kids etc but not sharing with me. I understand I would be cautious too but he recently had a heat stroke which has gotten me very concerned as I know longer work due to lupus.
Customer: replied 7 months ago.
on separate he far outweighs me in assets and no we have only bought for kids nothing is in my name. However I am a signer on our business account that I don't dare touch.
Expert:  Barrister replied 7 months ago.

Do I go out and purchase life insurance do I have a claim to marital assists as his business is doing well again. I see him spending money for college buying new cars for kids etc but not sharing with me.

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I think the life insurance would be a good idea, if he can get insured. But if he owned his business prior to the marriage, then it remains his separate property. However, anything that he earns from the business would be considered marital property and that would be divisible upon a divorce or go to you upon his death.

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But to be honest with you, I never like these kinds of situations because there is no law that makes him provide for you if he passes if he just wants to take care of his kids as long as he keeps all his separate assets separate.

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This is going to be a tough conversation that you need to have with him regarding your financial future and that you need him to take steps to ensure that you are financially taken care of if something happens to him because you can't afford to just be a "buddy" who gets left out in the cold if he passes and his kids get everything..

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thanks

Barrister

Customer: replied 7 months ago.
Ok so he recently sold out of one business and reestablished a previous company that he is now making money in. I have tried to speak with him about it but it appears to him I'm coming across as a gold digger the home we are in is now worth about 900k. Would I not have marital interest in company and home. I just don't want to be married 20 years and be out in the cold. I believe things should become gradual but I see lots of cash moving. Which is alarming to me.
Expert:  Barrister replied 7 months ago.

If he owned the house prior to the marriage, then it is his separate property and he can leave it to whoever he wants in his will. As for the business, if he started it during the marriage, but used only his separate funds to do so, then that is his separate property as well.

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However, TN does have a law about a spouse's "elective share" so that a spouse isn't left out entirely of another spouse's estate. This is how it goes:

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If the decedent and the surviving spouse were married: . . . . . . The elective share % is:

Less than 3 years . . . . . . . . . . . . . . . . . . . . . 10% of the net estate

3 years but less than 6 years . . . . . . . . . . . . 20% of the net estate

6 years but less than 9 years . . . . . . . . . . . . 30% of the net estate

9 years or more . . . . . . . . . . . . . . . . . . . . . . 40% of the net estate

So, if your spouse of 20 years, for example, dies and has left you out of the will, whatever the reason, you may elect to take 40% of the net estate as the surviving spouse. Even if you have been married for a short time, you are entitled to at least 10% of the net estate.

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thanks

Barrister

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