By admin | October 12th, 2016 | Tags: Estate Planning, Tax Planning | 0 Comments.
Essentials of Estate Planning for Couples
With all the recent news on the Brangelina divorce and custody battle, you begin to wonder if it were to happen to you do you have all of the necessary agreements and estate planning in place to protect your assets. In this case learning by example is so much better than learning by experience.
On the opposite end of the spectrum is Curt Cobain’s daughter, Frances Bean Cobain, where her estranged husband is claiming that Cobain gave him her father’s guitar worth millions of dollars which she refutes; both will spend hundreds of thousands of dollars claiming stake to her fortune, all of this could have simply been avoided by having the right agreements in place.
In the long run it will save you from any battles in court and hold everyone to the agreements made prior to the marriage. Learning by example from the countless celebrity divorces and untimely deaths like Prince, who had no will, help us understand the importance of being prepared for any unexpected changes that happen in life.
The Divorce is Final – What Do I Do Now?
Guardianship and Minor Children
If you currently do not have a trust and you have children, now may be a good to time create one. If anything should happen to you, either a death or mental disability, your ex-spouse will have full custody of the children and whatever you leave to them. Setting up a trust with a beneficiary will give you control on who manages those assets for your children.
Trusts and Other Estate Plan Pieces
If you currently have a trust, that trust stays in effect, if it is a joint trust with your ex-spouse, they remain as a trustee of the trust. Even if your trust discusses what happens in the event of a divorce the automatic revocation law can be applied, you should revoke the current trust and create a new trust that is now tailored to your new goals and situation.
For more information on how you can create an estate plan or revoke one. contact us