Some of the most important reasons to speak with an estate planning attorney concerns divorce. Divorcees have complicated family and asset protection issues that many families don't have. The following are two common issues involving estate planning for Divorcees or Divorced Couples.
Issue #1: Divorcee wants to leave their assets to their minor children while insuring that the other parent doesn't control or receive any assets.
Common Estate Planning Solution: A living trust for minors designed to insure that the mother cannot serve as Trustee or alter the Trust as Guardian of the estate of the minor.
Issue #2: Divorcee may be required by a separation or property settlement agreement to provide for the other Divorcee in some capacity.
Common Estate Planning Solution: Incorporation by Reference of the relevant separation or property settlement agreements terms in the estate planning trust documents. Its important to consider the implications of the surviving spouse's elective share and other inheritance rights when creating the plan.
Estate Planning for Divorcees or Divorced Couples is very important. Frequently Trusts (living trusts as opposed to testamentary trusts) are used to create the estate plan. In the end, the client should feel that their estate planning concerns have been satisfied and their asset protection related goals achieved. If you have any questions, please feel welcome to contact the office and we can discuss any Divorce related estate planning issues with you.