Divorce is never thought about at the beginning of a marriage. However, situations arise that may lead your child to seek a divorce. If that happens you don’t want your child’s inheritance to end up with your son or daughter-in-law. With out the proper planning, that may happen. Without the correct documents prepared appropriately, the gifts you leave your child may end up with their spouse. Developing or designing an Estate Plan where it stays with your child and grandchildren is possible.
If a child’s marriage fails, you can protect that child’s inheritance. An Estate Plan allows you to prevent your child’s inheritance from becoming part of the marital property. As a result, this will prevent its loss in a marital settlement. Protected in an Estate Plan, your assets remain maintained by your child until they pass it along to their children. Not given to the ex-son or daughter-in-law in a divorce.
Creating an Estate Plan this way can ensure that valuable family heir looms stay in the family. Whether it has monetary value or sentimental value the gifts you leave your children will be invaluable to them.