In many cases following a divorce in Anaheim, an estate plan update is needed. This update includes addressing the terms of your living trust. You may have named your ex-spouse to serve as your co-trustee or as a successor trustee. If you did, you will need to consider whether to amend the terms of the trust to appoint someone else in his place. What happens, however, if you are considering allowing your ex-spouse to stay on as a trustee? The following are five important considerations:
- Your trustee is the person who will have control over the majority of your assets. Do you feel comfortable having your ex-spouse in charge of these assets?
- Your trustee may be in charge of making discretionary distributions to your children at the appropriate times. Do you trust that your ex-spouse has the same goals for your children’s needs and wants as they grow?
- Your trustee is responsible for paying all of the expenses of your trust. Is your ex-spouse familiar with the property that is held in the trust, the terms of the trust, and responsible with paying bills on time?
- Your trustee must work closely with your tax and financial advisors in order to manage your assets. Do you feel comfortable having your ex-spouse work with these individuals?
- If your children are in disagreement with the decisions of your trustee, are you comfortable with the fact that they may be upset with their parent, who is your ex-spouse?
While the needs and goals of every family will vary, in many cases it will beneficial to prepare an Anaheim trust amendment to appoint a new successor or co-trustee of your trust. To keep up to date with our helpful articles about important estate planning matters, sign up for our free newsletter today!