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Updated over 8 years ago,
Trusts Marriage Death and Divorce
Hello BP Friends
I need help understanding claims to ownership in the following scenario.
My father created an irrevocable trust and placed his rental property into it back in 1998. Where he acted as the trustee and his 4 children were named beneficiaries. He was single at this point. 5 years later he married, and has been married ever since. He recently resigned as trustee and my company was named as the trustee.
I would like to know what claims his current wife will have to this trust should she outlive him. My father has a will but I do not know what it says. I want to know if a will has the power to nominate new trustees.
I am starting to invest heavily into this trust but do not want my title as trustee to be altered by will / divorce / probate.
Thank you for your input.