Who has legal rights to an assets if part of it is held in Trust and/or another person’s name?

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Home » Ask a Lawyer » Who has legal rights to an assets if part of it is held in Trust and/or another person’s name?

Who has legal rights to an assets if part of it is held in Trust and/or another person’s name?

I have been married for 7 years now; we’ve been together 10 years. My husband has a brain injury (from when he was a teenager) but was never deemed disabled. He has a trust in his and his mother’s name, and the house we have been living in is in his and the Trust’s names (which his mother’s name is on).What legal right do I have to our home? Are there any legal rights that my children have to any of his money in his trust?

Asked on November 12, 2012 under Family Law, Missouri

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

First, marital property is property acquired during the marriage with some exceptions: 

(1) Property acquired by gift, bequest, devise, or descent;

(2) Property acquired in exchange for property acquired prior to the marriage or in exchange for property acquired by gift, bequest, devise, or descent;

(3) Property acquired by a spouse after a decree of legal separation;

(4) Property excluded by valid written agreement of the parties; and

(5) The increase in value of property acquired prior to the marriage or pursuant to subdivisions (1) to (4) of this subsection, unless marital assets, including labor, have contributed to such increases and then only to the extent of such contributions.

There are also some nuances to these rules that are best explained in person.  Now, the terms of the trust will govern how a court will view the asset in a dissolution (divorce).  Does your husband have the right to terminate the trust or withdraw trust assets?  These are important rights and really the trust must be read in order to let you know who has the right to what here.  Your children always have a right f inheritance unless that right is abrogated by their father.  Please bring the documents in question to ana ttorney to review.  Good luck.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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