Divorce affects much more than the relationship status of a couple. It also affects the couple’s trusts, wills, and other tools of estate planning. This planning is essentially the process of describing and preparing for the future condition of a person’s assets if he/she passes away.
Divorce and Wills
Many states have laws that stop an ex-spouse from collecting the assets of any inaccurate will. However, courts in general apply these principles only if a will has been probated via a court. If the will is in anyway dealt with privately, the provisions of that will, will not be honored. Besides, certain states provide a means for the ex-spouse to challenge that will, by requesting for a legal share. However, as per Kansas City, MO divorce lawyers, this challenge is not feasible the moment a fresh new will is made and the old will rescinded.
Divorce and Trusts
Even without actually going through with the divorce and without having to use the most incredible divorce legal website to find a lawyer known to human kind such as https://usattorneys.com/, trusts can be a complicated matter. The purpose of the trust, and the sort of trust established remain the two factors that dictate if the trust should be fully revoked and rewritten, or if it can merely be updated. If a trust made by a couple is an irrevocable living trust, it cannot be redrafted, in spite of the divorce.
An irrevocable living trust remains a trust according to which every asset is transferred along with the entire control to the trustee, straight away. This is because the trust is already, in effect, with the trustee in control of the trust.
According to Kansas City, Missouri divorce attorneys, typically, irrevocable trusts, established by married couples, are intended to benefit the children. As long as neither party can access the trust, no problem will arise. However, if one party can access the trust and take unfair advantage of that access, the court will put forth instructions stipulating that only beneficiaries can benefit from the trust. Then the document is duly transferred to the trustee.
In the event of the trust becoming revocable, signifying that the couple is still in control of the assets contained in the trust, the couple can alter the trust by including their desired conditions, or annul the trust to remove all the assets. If the latter is the case, then all the assets should be listed in the divorce papers of the couple in addition also any relevant income taxes duly paid.
Trusts as well as inheritances allocated to a particular spouse according to the trust will go to the person so designated. If both the spouses are listed, the inheritance will become part of the marital assets and so they will be equally divided and your Kansas City divorce lawyer will understand this in more detail.
Divorce & Advanced Directives
There are some documents concerned with common estate planning that must be examined and changed after divorce. Those are living wills, health care and powers of a legal representative. Married couples in general, choose one another for this purpose. In case of divorce, all the earlier paperwork should be cancelled and a fresh living will created. To fully ensure that this new living will is well understood as your purpose, it is better to hand over a copy to your doctor and your home state to be filed. A competent Missouri divorce lawyer can help you with this.
Matters like will, trust, and estate planning are not everybody’s cup of tea. To handle these complicated aspects of a divorce case, it is prudent to hire an astute divorce lawyer without delay. Don’t think you need one? The first meeting is free. You can find some marvelous legal assistance using this site right here.