Divorce changes a lot of things, including your child’s access to your assets
Updating Documents to Remove Your Ex-spouse
Once a divorce occurs, it is important to revisit your Will and update all your Estate Planning paperwork. You likely had joint documents that named the other person as your Beneficiary. Now is the time to reconsider these decisions and update your documents to reflect your new choices. Additionally, you should consider establishing a Trust for any minor children.
Preventing Your Ex-spouse From Controlling the Trust
If something were to happen to you, you will want all your assets and life insurance go to your children. If a Trust is not created to hold these assets for your minor children, a Conservator will be assigned to control access to the funds until your child turns 19. The court will likely name the other living parent (your ex-spouse) to be the Conservator. If this is against your wishes, ensure you establish a Trust and name a Trustee.
Controlling How Your Child Receives the Trust Benefits
Minors cannot accept a monetary inheritance until they become an adult. If you don’t designate a schedule of how your assets will be available to your child, he will automatically get a lump sum on his 19th birthday. Most children at this age are not capable of handling this responsibility. Instead, consider spacing out his access to these funds based on birthdays or life events by having his inheritance held in Trust.
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