WILLS, TRUSTS REQUIRE ATTENTION DURING DIVORCE
June 21, 2018
Estate planning is often placed on the back burner because people naturally prefer not to talk about the prospect of death. However, creating wills and trusts is critical for protecting assets in the future. It is especially important for those who are going through the divorce process in Virginia.
First, for those who have revocable trusts, amending these trusts immediately is critical. The biggest matter to address with a trust, as with a will, is how to leave assets to the children. Understandably, a divorcing individual may not necessarily want his or her soon-to-be ex managing and accessing money that is supposed to go to the children. In this situation, selecting a trustee to manage these assets right away may be a smart move.
Second, as far as the will goes, executing a brand-new will may be necessary. After all, having a current spouse remain in control of one’s estate might not necessarily be appealing. As far as the children go, a divorcing spouse most likely cannot prevent the other party from serving as the children’s guardian if the divorcing spouse passes away. However, the divorcing spouse still has the option of naming an alternate guardian.
Putting together wills and trusts can be inherently complex even in the best of situations. Adding a divorce to the mix only makes things even more complicated. However, an attorney in Virginia can help asset owners to create up-to-date, accurate plans in light of their current life situations, ensuring that their best interests are protected long term.