If you have determined that bringing your marriage to an end is necessary, you might have a number of concerns and you could wonder how this decision will affect your future. For example, you might be concerned about the outcome of a custody dispute or property division. With that said, there are other financial concerns that you may need to take into consideration. If you have a trust, you may need to take a second look at your estate plan and make necessary changes. Each case is unique, however, so it is crucial to make sure you figure out which steps you need to take.
Sometimes, no changes need to be made to a trust when a couple splits up. For example, a trust that was set up to benefit a child may not need any revision even though the child’s parents are no longer married. In other instances, a trust may need to be revised, whether someone wishes to change the way in which assets are distributed or remove a trustee. It is important to point out that there are a variety of trusts, from special needs trusts to revocable and irrevocable trusts, and the approach varies from one to another.
Looking over a trust following a divorce may seem stressful, but you could find a sense of relief once you have ensured that your estate plan will protect your assets according to your wishes. Our web site covers many other topics that are related to irrevocable and revocable trusts.