How To Leave It To Kids: Part 8 of 8 - Naked Ownership Subject To Usufruct or Principal Beneficiary

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If you want to leave an inheritance to your children, but you first want to provide resources from your estate for your surviving spouse, then you can either leave your children naked ownership of your estate (if you live in ), or you can leave your estate in a trust and name your children as principal beneficiaries of the trust.
Most parents would like to leave a legacy to their descendants, but if the parent is married, they often want to first make sure that their surviving spouse has the resources necessary to live out the remainder of their lifetime.
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In , either because a married parent died intestate (without a last will and testament) or the married parent specifically bequeathed naked ownership to the children, children are often bequeathed "naked ownership rights" that are subject to another form of ownership in called "usufruct."
In general, the children (naked owners) must wait until the termination of the usufruct (often designated as when the surviving spouse of the deceased dies) before they can get their inheritance.
A more common, nationally, approach, is for a married parent to leave his or her estate to a trust, name the surviving spouse as the income beneficiary of the trust, and name the children as the principal beneficiaries of the trust. The surviving spouse's income interest often lasts for the surviving spouse's lifetime, and in many instances, the trustee of the trust is authorized to make distributions to make distributions of principal to the income beneficiary for the income beneficiary's health, education, maintenance and support.
You can include your children in your estate planning legal program, but first you may want to ensure that your spouse's needs are met from your estate. If so, you may want to consider leaving your children naked ownership (if you live in ), or leave your assets in a trust and name your children as the principal beneficiaries, subject to your spouse's income beneficiary interest.
This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.
Paul Rabalais
Estate Planning Attorney
www.RabalaisEstatePlanning.com
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Thanks for watching and for your comments!