How to Prevent Your Spouse From Touching Assets

Transferring all of your wealth to your spouse can be a scary endeavor. Planning the disbursement of an estate is a cumbersome project that requires a great deal of thought. It is important to consult with a financial adviser to evaluate the true amount of your assets. An attorney can help you decide between a will and a trust. Read on to learn how to prevent your spouse from touching assets.

Instructions

Difficulty: Moderately Challenging

Things You’ll Need:

• Attorney
• Financial adviser
• Spouse
• Assets

1. Decide the true capability of your spouse to handle your assets. Property will need maintenance, stocks will need management and cash will require investment.
2. Prepare a will with your attorney. You may decide that a trust is the best way to protect your beneficiaries from themselves.
3. Write strict and concise guidelines in your will. The language of the will is the most important part of the will or trust. Leave nothing to judgment.
4. Select an executor or executrix to handle the disbursement of your assets upon death.
5. Learn the benefits of a power of appointment. Remember that you can make decisions now about the control of your assets, but no decision goes into effect until your death.
6. Create a will or trust that allows your spouse to collect income from your assets for their lifetime. Appoint a trustee to manage the assets for your spouse.
7. Determine who will have power of attorney over your estate. If you do not want to have your spouse have control over your estate, you do not want them as your power of attorney.

Tips & Warnings

• Honestly judge the capabilities of your spouse to handle your assets.
• Do not plan for your death without planning for disability of incapacity as well.