During the joint lifetimes of you and your spouse, you both owned your Living Trust assets together. You owned half. Your spouse owned half. When your spouse died, you became the owner of both halves as one whole.
But, for purposes of explaining the main issue of this chapter, I need to characterize the Living Trust assets as “your half” and “your deceased spouse’s half.”
Before I get into the main issue of this chapter—possibly diverting your assets from your offspring—let’s begin by discussing the goals of the Living Trust after the death of your spouse.
After the death of one’s spouse, there are three goals that must be achieved in order to have a successful Living Trust.
Goal 1: The first goal is to protect your ownership and control of your Living Trust assets for the remainder of your life. In other words, if you become incapacitated ...