After a couple has been married and divorce, it is vital to change your estate plans. Often times, your Living Trust or wills must be modified after a serious life event such as a divorce.
Your estate planning should consider re-titling your home and any real estate investment properties along with your accounts such as mutual funds, cds, and possibly even bank and checking accounts.
After a divorce, your estate plan may become more complicated especially if you have young children. Choosing a guardian for your child is extremely important because in many cases, one spouse does not trust the other spouse with money. Thus, it may be important to appoint a Trustee that can manage your children's inheritance for them. In many cases, a professional trustee may be warranted because of their expertise and experience.
In picking a guardian, there are two (2) types of guardians. Guardian of the estate is responsible for managing the financial aspects for a child. A guardian of the person is a person that is appointed to make healthcare and school decisions for your child(ren). In my expertise, it is important to have the experience of counsel that is familiar with estates and trusts issues.
Sean Robertson is an estate planning, estate and gift taxation, and asset protection attorney. Sean Robertson may be reached at (312) 498-6080 or Sean@RobertsonLawGroup.com.
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