November 6, 2024 / Press
Elizabeth Acevedo Discusses Safeguarding Your Children’s Inheritance in MarketWatch
Elizabeth G. Acevedo recently weighed in on a reader’s question in MarketWatch’s “The Moneyist” column in which the letter writer asks how to ensure that his second wife doesn’t disinherit his children in the event that he dies before her.
“We recommend that when the first spouse passes away, the deceased spouse’s assets be held in an irrevocable trust (referred to as a marital trust) for the benefit of the surviving spouse,” Beth tells MarketWatch.
She explains that the letter writer’s instincts to plan ahead will serve him well and give him control over how his estate is managed after his death, assuming his wife outlives him.
“The benefit of this type of trust is that the surviving spouse is the sole beneficiary of the marital trust during their lifetime, but cannot change how the assets remaining in the trust are distributed at their death,” she adds. “Upon her death, the remaining trust assets would be distributed equally to the three kids.”