Estate Planning for Divorce And Children
People who have been divorced and remarried may have specific needs regarding former spouses and children as they consider estate planning. Primarily, you probably want to make sure your surviving spouse is provided for after your death, but you also want to make sure your family (and not the family of your surviving spouse) ultimately receives your assets.
Regardless of your relationships, you do not want to depend on your ex-spouse or surviving spouse to ensure that your wishes are carried out should you die or become incapacitated.
Estate planning attorney Louis Wooten and The Wooten Law Firm have assisted numerous Raleigh-area families with planning for the distribution of assets in situations that involve divorce and blended families. He has the insight that comes from experience and the interpersonal skills to help you develop an estate plan that meets your needs and desires for asset distribution.
Estate Planning After Divorce
It’s unfortunate, but issues that cause a marriage to end often do not go away upon the couple’s
If a divorced individual remarries, there may be stepchildren or younger children from the second marriage. In such a blended family, the responsibility for children after your death is not equal. Your stepchildren likely have two parents besides you to look after their interests.divorce. Hard feelings can persist, even after a former spouse’s death.
Many people who have remarried wish for their children from a prior marriage to ultimately receive their assets after they pass away, while also making sure that their surviving spouse is taken care of during his or her life.
In addition to a will, there are a variety of trusts that can be established as part of your estate planning process to ensure that your current spouse, children, stepchildren and former spouse receive proceeds from your estate as you intend. Trusts can also provide tax benefits in asset transfers according to the type of trust established.
The Wooten Law Firm can work with you to ensure, for example, that:
- Money set aside for inheritance is placed into a protected trust that benefits your surviving spouse during his or her life, but provides for your children and grandchildren in the manner you see fit upon your spouse’s death.
- An irrevocable life insurance trust is established that benefits your family, children or spouse to ensure they are provided for, and its proceeds pass to the beneficiaries free of estate tax.
- A testamentary trust with a designated outside trustee is established to leave money to an ex-spouse and your children but prevents the ex-spouse from using the money for any purpose other than the health, education and welfare of your children.
- A trust is established to nominate guardians to care for your minor children in the event of your death.
- College funds and other financial assets intended to provide for your children are held in a trust until they are college age or adults.
These are just a few of the options available. Each individual family situation is different. At The Wooten Law Firm, we take the time to listen to you and understand your needs so that we can present options that reflect your desires for the distribution of your estate, while minimizing any possible animosity among parties with differing objectives. We want you to have the peace of mind that comes from knowing your affairs are in order, come what may.
Contact a Raleigh Estate Planning Attorney
If your estate planning needs include consideration of a former spouse or spouses, a current spouse, children and/or stepchildren, Louis Wooten of The Wooten Law Firm in Raleigh, NC, has the experience and skills necessary to help you establish plans sensitive to everyone’s needs and your desires.
With more than 20 years of estate planning experience in the Triangle, Louis Wooten has achieved practical results for clients working to provide for a variety of family situations. He is sensitive to the issues that exist between divorced spouses and among blended families. He can find a middle-ground approach that best reflects your desires and objectives.
Let Louis Wooten help you with his decades of insight and experience with issues involving divorce and children in estate planning. Contact The Wooten Law Firm in Raleigh at 919.719.2727 or through the form on this webpage for a free initial meeting and consultation.