Caller wants to make sure that his wealth goes to his grandchildren someday
The caller wants his wealth to go to his children but wants to make sure that when his children pass away, his wealth will go to his grandchildren, not his children's spouses.
Attorney Tom Olsen: George, go ahead, you're on WDBO.
George: Thanks for taking my call. My wife and I have a family trust, and when we both pass away, half will go to my son, and half will go to my daughter. My son is married but he has no children. My daughter Mary, has three children. When my son and daughter get that money, is there a way to keep it separate so that when they pass away I want that money to go to my grandchildren.
Attorney Tom Olsen: George, first of all, Florida law's very clear that what your children inherit from you is theirs to keep if they get divorced with this one qualification. When they inherit assets from you, whether it's cash or whether it's a piece of real estate, they need to keep that asset in their individual name. If they do so, they get divorced then they're going to leave with it. If they take that asset that they got from you, whether it's cash or a piece of real estate and they put it in a joint account with their spouse or add their spouses name to the deed. They get divorced, and that spouse's going to leave with one half. Now George, if this is that important to you, then you may want to consider and go ahead in including your grandchildren as part of your estate plan, so that when you and your wife pass away, it does not all go to your two children. Some of it's going to your grandchildren being when you pass away, that way you can make sure it gets done. What do you think Chrissy?
Attorney Chris Merrill: Yes, and so I think it would be reviewing his trust and helping him come up with a plan that is going to be best for your family including George, your grandkids.
Attorney Tom Olsen: Does that answer your question George?
George: Yes, it does, but you have to start a whole new trust. Would you have a codicil or something like that? How do you do that?
Attorney Tom Olsen: Trust, George, when there is a trust and we need to make changes to that trust, we do that using a trust amendment. No, we are not throwing out your old trust, we're simply amending what you have.
George: Okay. Now I'm in Cocoa beach, if I want could you do this for me? We're old, I'm 88, my wife's 85. We don't drive much anymore. Is there a way to do this? We could mail it to you and we could do this thing?
Attorney Tom Olsen: Absolutely George. We would be pleased to help you here at the Olsen Law Group in Orlando, and again folks we offer a free review of your existing will or trust. George, call us next week. Let's just figure out how we're going to get a copy of your trust, and everything else we can do over the phone George. We are pleased to assist you and look forward to being of service to you George. That's the Olsen Law Group in Orlando.
Attorney Chris Merrill: At 407 423 5561. Give us a call George, and we can absolutely help you with getting a copy to us, and we can do everything by phone and mail.
Attorney Tom Olsen: Thank you for calling George. We appreciate it.