When it comes to both estate planning and divorce, there are a plethora of legal issues to consider and many ways in which you may be impacted. In this post, we will examine some of the different factors that you may need to take into consideration if you are in the middle of ending your marriage and you have a revocable trust. Although the divorce process can be very overwhelming at times, you should not neglect other important responsibilities that may arise as a result of this major life event, such as taking a look at your estate plan.
First of all, it is essential to recognize that property division laws vary from state to state, so you should examine how the laws in your state may impact your property and the assets that are included in your trust. In fact, if one of your beneficiaries decides to end their marriage, a revocable trust may be a good way to prevent their ex from gaining access to the assets that you have passed down.
It is important to realize that the way in which marital property in your divorce is split up may also impact your estate plan’s assets, and there are other considerations as well. For example, you may need to add or remove a beneficiary as a result of the end of your marriage and make other modifications, especially if you named your former spouse as the executor. These are just some of the legal issues to consider regarding divorce and your estate plan.