How do I protect my daughter’s interest in my estate?
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How do I protect my daughter’s interest in my estate?
I’m divorced and have one adult daughter. Is a Will necessary or are instructions to my heir a better way to go? Since we live in a community property state, is there a way to protect her inheritance if the marriage ends? They do no have a prenuptial agreement.
Asked on June 26, 2012 under Estate Planning, Minnesota
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
You are doing some estate planning and that is a good thing. Now, generally speaking property that is inherited is considered separate property unless the party who receives in co- mingles the funds or shows an intent to make the asset marital (adding a name to a deed). Now, you may wish to place your assets in a trust with he as the beneficiary or add her as joint owner with rights of survivorship on accounts or homes, etc. for tax purposes. But it is best to speak with some one face to fact who can look at the assets you have and let you know the best way to go. Good luck.
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