Asking Eric: Worried about financial situation if husband passes away
Dear Eric: My husband is 72 and I am 68. He is still working, and I am retired and work part time. We have been married for six years. We keep our finances separate, yet both contribute to basic expenses. He has much more in assets than I do.
When we married, I signed a prenup which he designed, saying he would set up a trust and give me lifetime rights to the home we live in if he passed away and I would not receive anything else. So far, he has not set up the trust or written a will.
I find I am getting more and more resentful about this. I could survive if he passed away, but I would have to relocate to a more affordable situation. Should I push this issue so I can make plans for my old age while I am still healthy, or wait it out? We get along fine otherwise. Am I wrong for expecting him to set up a trust to take care of me, or leave me some assets? I wonder if a prenup even applies if the marriage lasts until death. I know times have changed and expectations of roles seem to have also.
– Prenup Problem
Dear Prenup: It would be wise of you to go over the prenup with an attorney as soon as possible so that you can get a better sense of what you signed, what your husband’s obligations are, and what recourse you have. It sounds like the prenup is supposed to work in conjunction with more complex estate planning that your husband hasn’t done. Or, at the least, hasn’t updated.
It would be helpful to know if he has a will that predates your marriage and leaves the house to someone else, for instance. Getting as much information as you can about your joint financial situation and talking about it with an attorney isn’t greedy; it’s responsible.
The consultation you have with an attorney may give you some options for how you can and should proceed. Having a plan of action may take the bite out of your resentment, thereby making space for a clear-eyed conversation with your husband.
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Send questions to R. Eric Thomas at [email protected] or P.O. Box 22474, Philadelphia, PA 19110. Follow him on Instagram and sign up for his weekly newsletter at rericthomas.com.