Hi...I have two good sons who are in their 30's from a first marriage. My second wife and I have been married many years, she's a wonderful woman. I am in the process of purchasing a variable annuity which will reside in an IRA account. If I die first, I would like my current wife to continue to receive distributions from the annuity. Upon her death, I would like any residual value in the annuity to flow to my two sons. While I trust my current wife implicitly, one can imagine scenarios where she is incapacitated and others could act on her behalf, making decisions that are not aligned with my wishes. How can I insure that my wishes will be carried out?
I am preparing to meet with my attorney to discuss this question. In a preliminary discussion, he has suggested that he draw up an "Agreement" that would be enforceable by my sons after my death that would obligate my current wife to name my sons as beneficiaries. In preparation for this meeting I would like your opinions on this or alternate strategies that would accomplish my goal...TIA, Ron