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  1. #1
    Join Date
    Jun 2007
    Posts
    8

    Default How To Protect Myself Financially

    I am my husbandís second wife. He was married to his first wife for 14 years and had three children who are now grown. We have been married for 23 years and have one daughter together who is now 21 years old.

    My husband retained the house in the divorce from his first wife and it is where we have always lived. When my youngest stepchild turned 18 per the terms of their divorce he paid her half of the equity of house at the time of their divorce and she filed a quitclaim deed to the house. The deed of the house then went into his name only. Due to martial problems we were having at the time he did not add my name to the deed.


    I know that under Georgia law that the spouse does not inherent the entire estate if the other spouse dies without a will. If one or all of my step children wanted to push the issue I could possibly be forced to sell the house and give them their share. Thus leaving me without a house and not enough funds to buy a new one. In short I could be screwed.

    He refuses to make out a will and refuses to talk about such matters. He is 55 and I am 45 and we are not going to live forever but he doesn't want deal with it. I also think he doesn't want to make the decision on how we would split things between our own daughter who will only inherit from us and his other children who will inherent from us and their mother and step-father (there are no other kids in that marriage and the mother and new husband are very well off so my step kids stand to inherit quite well from them)

    I worked for most of our married life but am presently unemployed, I do plan on returning to work, probably part time, in the near future and know I need to build up a nest egg in case something happens to my husband. Luckily I will have a retirement pension from my last two jobs.

    Any other tips on how to protect myself financially in this situation please let me know.

  2. #2

    Default Re: How To Protect Myself Financially

    The first thing that comes to mind is life insurance with you being the owner and beneficiary. If he dies intestate (without a will), his property will be distributed according to the laws of the state. You and all the children will share. Assuming the house is paid for, you should be able to get a loan to pay off the others.

  3. #3
    Join Date
    Jun 2007
    Posts
    8

    Default Re: How To Protect Myself Financially

    Quote Quoting lwpat
    View Post
    The first thing that comes to mind is life insurance with you being the owner and beneficiary. If he dies intestate (without a will), his property will be distributed according to the laws of the state. You and all the children will share. Assuming the house is paid for, you should be able to get a loan to pay off the others.

    Thanks, you said what I was thinking which is that as soon as I start back to work I need to take out a life insurance policy on him. He has one also but with the cost of funerals now days I don't know how much would be left.

    I try to take to him about a will but he doesn't want to talk about it, he is not the only person like this, I once worked in this area and I know many people die without a will because they donít want to think about dying. Like if they make out a will they are admitting something.

    I know my own daughter won't cause any problems for me and I feel two of my stepchildren will work with me, but I have one stepchild who I know is going to want his fair share and everyone elseís also.

  4. #4
    Join Date
    Jun 2007
    Posts
    8

    Default Re: How To Protect Myself Financially

    I also had another question - as I stand to inherit quite a large amount of money, land and other assets from my own parents, what is the best way to make sure any remaining assets from my parents estate goes to my daughter if I die before my husband and not have it end up with my husband's estate. Which would result in my stepchildren receiving part of my parents estate along with my daughter at the time of my hsubands death.

  5. #5
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    74,195

    Default Re: How To Protect Myself Financially

    You would probably benefit from setting up a trust. But you should get help from an estate planning lawyer to do so, and to discuss other possible options.

  6. #6
    Join Date
    Mar 2007
    Location
    Illinois
    Posts
    22

    Default Re: How To Protect Myself Financially

    I only know what Illinois law states but if your inheritance is NOT comingled with you and your husbnd's finances...it is yours alone and he can not touch it...consequently it does not pass on to him if you die but to your children...so whatever you get... keep it in your name (or you could add your childrens names) to any deeds or bank accounts....just keep it in a totally new and or separate account.....I think it also applies to doing something like using your inherited house to borrow against to purchase something you are going to put in both your (you and your husbands) names like a car...it sounds seelfish but it sounds to me like you need to protect yourself...if my information is not correct I apologise but I have (been there done that) and now because I learned what I needed to do I have taken care of business and it is a huge relief ....

  7. #7
    Join Date
    Nov 2007
    Location
    Atlanta, Georgia
    Posts
    2

    Default Re: How To Protect Myself Financially

    One avenue would be to discuss what happens if he dies, but in terms of his children.

    You will get 1/3 regardless under Georgia law. The other 2/3 will be divided between his four children.

    Who is the beneficiary of his life insurance?

    Discuss your ability to maintain your life on 1/3 of your current assets, and talk about it in terms of the insurance policy. If they get it all, then you could get more assets in the will or vice versa.

    Also, every will is revocable. He can always change it latter.

    Also, Georgia has what is called year's support. Generally, it allows a life estate in the primary residence, but this is too detailed to discuss here.

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