Divorce & Your Living Trust
If you are currently going through a divorce now is a good time to think about your current Living Trust or Will that may be in place with your ex. If you were to pass away your Living Trust and other estate planning documents would still be in effect. Therefore, your soon to be ex spouse may still be the one making financial decisions should you become incapacitated or pass away, and they would control all of the estates assets.
What can you do about this?
First and foremost you can revoke your current Living Trust in writing and give it to your spouse. Then you can create a new will and/or Trust. However, keep in mind that you will not be able to fund your new Trust until after your divorce is final due to the restraining orders that are in place.
Consideration must also be given to the other important estate planning documents ie your Durable Power of Attorney, Advance Healthcare Directive - which give an agent the authority to make financial/medical decisions on your behalf. Take this time to update those documents as well.
Remember, if you end up creating a new Living Trust before your divorce is finalized, don't forget to transfer your assets into the Trust once your divorce is final. Your Trust is no good if it's not funded properly.
Divorces and Estate Planning can be tricky, if you do not understand your rights please be sure to talk to an attorney about your options. If you know what your options are and need an LDA to help prepare those documents, please reach out to discuss my services.