Change can be challenging for people and in times of transition you have to make sure that you are equipped to move forward in all directions of your life. It is important to think about the legal aspects that impacts your new journey, and how you can make sure that all your loved ones will be protected no matter what happens to you. It is important to make sure you start on a new legal plan that works for this new stage of your life.
Times of transition when you should reevaluate your estate planning include but are not limited to:
- Remarriage and blending of families
- Beneficiaries who have or develop special needs
- Beneficiaries who have addictions, mental health issues, estrangement, or are in a marriage
When these times occur, you need to make sure you have the right asset protection plan in place for all your loved ones. It means that it is time for you to reevaluate any plans you may have created, find out the best solution to providing for the people you love with your needs now, and execute on having the plan put into place. It may be the last thing on your mind when you have so many other aspects to attend to in times of transition, but it really is one of the most important, to make sure you can secure the future of the people you love the most.
Frequently Asked Questions About Families in Transition
I’m in a new second marriage and should something happen to me I want to provide for my spouse, but also make sure that my children are provided for. How can I do this?
You can create a trust to provide income to your spouse for life, with the ability to spend principal if needed for health and support, but at your spouse’s death, the assets will go to your children.
I am divorced and I want to make sure that my children receive my assets should something happen to me, and not my ex spouse. How can I make sure that happens?
You can create a trust for your children, with a family member, friend, or professional as trustee. Your trust can say that no funds are to be paid to your ex, even if your ex has custody.
How can a trust really help me with my child who has special needs?
A person with special needs who is receiving government benefits, or who might be eligible in the future, will immediately lose those benefits if there is an inheritance. You can make sure your child still qualifies for government benefits by leaving the inheritance in a trust called a “special needs” or “supplemental needs trust.” Read more on how we can help you with a special needs trust here.
Are there ways to make sure that assets can be protected even if there are issues with a beneficiary such as mental health issues, addictions, estranged children, or even an impending divorce?
The way to protect assets for a beneficiary who has mental health issues or addictions is through a trust, with someone else managing the assets. If you are estranged from a child, and want to disinherit that child, it is important to avoid probate and pass your assets through a trust. If you are concerned that your child may divorce, and don’t want the ex in law to walk away with half of what you’ve left to your child, you can protect your child’s inheritance through a trust.
Let us be the support in your time of transition to protect your family!
We know how to support you when there can be challenging conversations. We have the expertise of helping families just like you for over 30 years in these type of life transitions. It is not always easy to talk about the tough things in our lives, but it will allow you to have the peace of mind of knowing your loved ones are protected. Take the step for you and your family, and begin the process of your legal transition today.