My question involves estate proceedings in the state of: Texas
I can get really detailed here, but here is the rundown:
Deceased spouse dies. Assets of deceased and surviving spouse are divided equally into the bypass trust and the marital trust. The marital trust then belongs to surviving spouse, the bypass trust is to be untouched until death of the surviving spouse. The surviving spouse, as trustee of the bypass and marital trusts, got to decide which assets went where. He decided to place their home (real estate) into the bypass trust and place stock accounts into the marital trust. Let's say they were equally valued at the time.
Surviving spouse remarries and grants a life estate to his new spouse in the home that he allocated to the bypass trust. Can he do this?
I can get much more specific if you have questions. Thanks in advance.
I can get really detailed here, but here is the rundown:
Deceased spouse dies. Assets of deceased and surviving spouse are divided equally into the bypass trust and the marital trust. The marital trust then belongs to surviving spouse, the bypass trust is to be untouched until death of the surviving spouse. The surviving spouse, as trustee of the bypass and marital trusts, got to decide which assets went where. He decided to place their home (real estate) into the bypass trust and place stock accounts into the marital trust. Let's say they were equally valued at the time.
Surviving spouse remarries and grants a life estate to his new spouse in the home that he allocated to the bypass trust. Can he do this?
I can get much more specific if you have questions. Thanks in advance.
Will Contests: Surviving Spouse Granted Life Estate to a House Owned by the Bypass Trust
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