After you divorce, you will probably name your children as beneficiaries. However, another issue to consider is if there is a risk that when you pass away any of your children may still be minors. Then, another adult will need to be appointed to take control over the assets. When it comes to guardianship and appointing a guardian of the estate of a minor child, the other parent is most likely going to be appointed. If, however, you wish to have another adult appointed as either one, you may state so in your will. For more information on guardianship of a minor, see my article “Guardianship of a Child vs. Guardian of the Estate”. You can also create a trust that will divide the children’s distributions in accordance with your wishes. Would you like them to get all their inheritance as soon as they turn 18? Or do you want them to get only a small portion at 18 and the remaining amount at a later time? All of that can be addressed in a trust.
When you are coming to see an attorney to make changes to your estate planning documents, it is important to bring with you your settlement and separation agreement. This will help the attorney make sure that the new estate plan is consistent with the terms of the separation agreement.
If you want to ensure that your estate plan is updated after any significant life event, and reflects your wishes, please call/text (216) 586-4246 to schedule an appointment.
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