This woman and her husband, who is 40, have been together for 7 years and married for 5 years. At the beginning of 2023, they also welcomed a new baby into their family.
At the same time, her parents have reached retirement age, which is why they’ve been very diligent about updating their wills and trusts– mainly ever since her son was born.
Now, for context, she and her husband never signed a prenup before tying the knot. This was mainly because they only had about $1,000 to their names when they got married.
Today, they do have liquid cash and a 401k. However, they don’t have anything of “real value” right now.
“So, in the case of divorce, we’d just split it down the middle,” she explained.
“My husband was married very young and divorced, and they did the same thing.”
Over the course of her parent’s lives, though, they have generated a healthy portfolio and own multiple properties. So, each of their children will inherit both a house as well as a generous amount of cash.
And when it came to her inheritance, the lawyers suggested that she should not put her husband as her trustee.
This is because she hasn’t been married to her husband for, say, 15 years, and divorces happen. Plus, if they ever split up, she can never change who she names as a trustee.