[jaye944]

so without a long winded story

our house is in my wife's name, (she had it before I came on the scene)
I know that here in Canada regardless of who has what or even in case of a pre-nup.
all assets are divided equally.

So that said, we where discussing about wills and such and she is looking at putting the house in trust to our daughter in the event of her death.

Her reason is that if she dies and I decide to get re-married, my new partner if she decides to divorce me would get half her house, which she doesn't want.
I know that is a big friccking step... but hey this is the way her mind works


I would "rather" she bequeath it to me, only so as Father, if I want to move, upsize downsize, go back to the UK (with my daughter) I can do what I want.

So here is the question IF the house is in trust to my daughter (5 years old)
and my wife does tomorrow, as the only reason I came here was for her, I would rather go back home (and take my daughter) I wouldn't be able to do anything till my daughter was of legal age.

Also anything could happen where I might need to downsize and again I couldn't
or re-mortgage the house etc etc

Is a house in trust contestable in court; I know some peoples wills have been contested and won.

If any of this makes sense do chime in.

 

[Dave 330i]

my advice? Both sit down with an attorney together.

 

[ol' grouch]

I would assume that Canada is like the U.S. in that each province has different laws. The only advice you should take from this forum is to get qualified legal advice.

 

[jaye944]

thanks guys;

actually I just remembered I have free legal advise through my insurance, I'll give them a try

txs again

 

[L-F-C]

Oh come on... free legal advice from the internet lawyers of bimmerfest is much better than anything your insurance will provide.

 

[jaye944]

LOL spits tea out all over the keyboard

Oh come on... free legal advice from the internet lawyers of bimmerfest is much better than anything your insurance will provide.

 

[L-F-C]

LOL spits tea out all over the keyboard

sorry, we don't provide in house IT services

 

[Dave 330i]

If it is free, it's probably worthless. You just might get the opposite outcome. :rofl:

 

[gjwilson]

so without a long winded story

our house is in my wife's name, (she had it before I came on the scene)
I know that here in Canada regardless of who has what or even in case of a pre-nup.
all assets are divided equally.

So that said, we where discussing about wills and such and she is looking at putting the house in trust to our daughter in the event of her death.

Her reason is that if she dies and I decide to get re-married, my new partner if she decides to divorce me would get half her house, which she doesn't want.
I know that is a big friccking step... but hey this is the way her mind works

I would "rather" she bequeath it to me, only so as Father, if I want to move, upsize downsize, go back to the UK (with my daughter) I can do what I want.

So here is the question IF the house is in trust to my daughter (5 years old)
and my wife does tomorrow, as the only reason I came here was for her, I would rather go back home (and take my daughter) I wouldn't be able to do anything till my daughter was of legal age.

Also anything could happen where I might need to downsize and again I couldn't
or re-mortgage the house etc etc

Is a house in trust contestable in court; I know some peoples wills have been contested and won.

If any of this makes sense do chime in.

Interesting question. I'm not sure the answer but I can provide some additional thoughts for when you do talk to someone who stayed at a Holiday Inn.

I'm not sure there is any need to "put the house in trust" and hold it until your daughter comes of age, I would assume the trust could sell the asset (maybe even to you if you want to stay) and keep the cash in trust.

But if the house is part of the estate, when the will goes to probate you pay tax on it. If you move the house now into both your names with JWTROS (Joint Tenants with Right of Survivorship) my understanding is that it does not form a part of the estate, thus transfers to you automatically on your wife's death without tax...I'm also not sure if your wife could list your daughter as the other party for JWTROS or what costs would be associated with these changes in ownership.

Also, Elvis may have left the stadium in terms of your wife willing her house to your daughter's trust. Once you tied the knot, even though her name is on the deed, you "own" 1/2 her stuff and she owns 1/2 yours. So I'm really not sure she can specify who gets "her stuff", even if she owned it before the marriage, since half of it is yours. (If she bequeathed everything she owned on entering the marriage to her sister, for example, wouldn't that effectively cut you out of 1/2 the assets she brought into the marriage and you are entirely to?)

Anyway, while that's an adversarial way of looking at it and you probably are trying to accommodate your wife's wishes here, I'm more wondering if those are technical legal roadblocks which wouldn't let you do what you wanted.

I'm wondering if an alternative might be to put your daughter as owner now under a JWTROS arrangement with both of you, that way if your wife dies, you co-own the house with the daughter and the evil step mother can only get 1/2 of your 1/2 if you divorce the evil step mother and since the same problem exists if you croak and your wife remarries, the evil step father can likewise only get 1/2 of your wife's 1/2.

 

[ard]

Her reason is that if she dies and I decide to get re-married, my new partner if she decides to divorce me would get half her house, which she doesn't want.
I know that is a big friccking step... but hey this is the way her mind works
.

Whoa.

So just the house? Not retirement accounts? Not life insurance proceeds?

She trusts you with all other aspects of the care of the daughter -schooling, support- but you are too weak to resist another evil woman and the house needs to be sheltered...

You dont need an attorney, you need a financial counselor/advisor...

 

[jaye944]

well technically speaking, its part of my account upgrade
so packaged; but I gte your point

If it is free, it's probably worthless. You just might get the opposite outcome. :rofl:

 

[jaye944]

Hey dude,

VERY informative;
I'll print this out for sure
txs;

hey who said internet forums aren't informative

Interesting question. I'm not sure the answer but I can provide some additional thoughts for when you do talk to someone who stayed at a Holiday Inn.

I'm not sure there is any need to "put the house in trust" and hold it until your daughter comes of age, I would assume the trust could sell the asset (maybe even to you if you want to stay) and keep the cash in trust.

But if the house is part of the estate, when the will goes to probate you pay tax on it. If you move the house now into both your names with JWTROS (Joint Tenants with Right of Survivorship) my understanding is that it does not form a part of the estate, thus transfers to you automatically on your wife's death without tax...I'm also not sure if your wife could list your daughter as the other party for JWTROS or what costs would be associated with these changes in ownership.

Also, Elvis may have left the stadium in terms of your wife willing her house to your daughter's trust. Once you tied the knot, even though her name is on the deed, you "own" 1/2 her stuff and she owns 1/2 yours. So I'm really not sure she can specify who gets "her stuff", even if she owned it before the marriage, since half of it is yours. (If she bequeathed everything she owned on entering the marriage to her sister, for example, wouldn't that effectively cut you out of 1/2 the assets she brought into the marriage and you are entirely to?)

Anyway, while that's an adversarial way of looking at it and you probably are trying to accommodate your wife's wishes here, I'm more wondering if those are technical legal roadblocks which wouldn't let you do what you wanted.

I'm wondering if an alternative might be to put your daughter as owner now under a JWTROS arrangement with both of you, that way if your wife dies, you co-own the house with the daughter and the evil step mother can only get 1/2 of your 1/2 if you divorce the evil step mother and since the same problem exists if you croak and your wife remarries, the evil step father can likewise only get 1/2 of your wife's 1/2.

 

[jaye944]

its a sad bad world, and we wonder why "some" guys turn out to be women haters (and vice versa)

actually all funning aside, when this conversation came about; it did knock me for 6.

Just as a bit of background; I sold my house in the uk, quit my job, left my family, friends, church, social life, dammit I sold my Porsche to move to be with her in Canada in 2010.
And landed with nearly $1/4 mil in cold hard cash.

OH on the other hand has had no changes, family, friends job, house, except having a baby.

One of lives big fricckin mistakes; oh too repent at leisure

I've pretty much proved myself; I'm not some slob who fell off the boat. Schooling and support, is pretty much part and parcel for the role of being a Father.

Where going through some tidying up of insurances etc, I don't think I'm on any documents as nothing was changed, I think from her getting her house and starting off
a lot of the beneficiaries are her family members, I guess we've both been lax on this but after recent conversations decided to try and get a file started on a kind if in an emergency
death etc, whom to contact kind of thing

:dunno:

Whoa.

So just the house? Not retirement accounts? Not life insurance proceeds?

She trusts you with all other aspects of the care of the daughter -schooling, support- but you are too weak to resist another evil woman and the house needs to be sheltered...

You dont need an attorney, you need a financial counselor/advisor...

 

[mark_m5]

If your wife wants to put the house in a trust for your daughter, she's essentially asking you to give up your interest in the house. It was hers before, so I'd see that as fair. If you have her set you up as the Trustee for the trust, then I think you can sell the house if needed and invest the proceeds in another way for your daughter's future. You might convert the house to a rental when you move and take the rental income to invest for your daughter's future, and set up the trust so that you get a percentage or flat fee compensation for managing the trust. (cashing those checks from the property management company takes work, after all)