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How will a divorce affect my estate plan?

In our last blog post, we wrote about the importance of having an estate plan, but there are a number of lifestyle changes that may require modifications to your plan, not the least of which is getting a divorce. Because a marital break-up is a difficult and confusing experience, it helps to have an objective estate planning attorney at the ready to make the necessary changes to your essential documents.

Although some documents cannot be revised until the divorce is settled, it is important to make plans as the case is proceeding and tackle any issues that may affect your estate.

 A trust is a valuable legal tool that can have numerous benefits. To create a trust, a person, referred to as the “settlor” or grantor,” transfers assets into the trust to be managed by a trustee for the benefit of the trust beneficiaries. When putting an asset in trust, you are actually transferring ownership of the asset from you personally to the trust. Some trust benefits include, reducing estate tax liability, protecting your estate property, avoiding probate, and protecting your assets from your creditors or the creditors of your heirs.

The knowledgeable estate planning attorneys at the Law Firm of Merlino & Gonzalez are here to create an estate plan that maximizes the benefits for you and your family.

Q: Why do I need an estate plan?

“…in this world nothing can be said to be certain, except death and taxes.”~ Benjamin Franklin

There’s any number of reasons why people continually put off seeing an estate planning attorney. Some are uncomfortable with the thought of dying; others can't decide on legal guardians for their children or make other important decisions that are part of a proper estate plan.

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