Wondering whether to consider an Orange County trust modification after your child marries? View here for several common reasons to consider an amendment. In a perfect world, we would love our daughters- and sons-in-law, and their marriages to our children would work out beautifully. Unfortunately, that is not always reality. If you created your estate plan when your children were young and unmarried, it may be time for an Orange County trust modification. Careful planning can prevent mishaps down the road when your trust is being administered. Regardless of whether you like your in-laws, however, it is important to consider whether you want to have a plan in place that will protect your assets in the event that problems arise down the road.
What are some reasons to consider a modification to your Orange County trust after your children have married? The following are several common examples:
- If your children receive their share of the trust assets and later divorce from their spouse, those assets may be included in the divorce proceedings.
- If your son- or daughter-in-law is engaging in risky behavior, and your trust distributes assets to your child, those assets could be lost in the event of a lawsuit or bankruptcy.
- If your child pre-deceases you and leaves behind minor children, their parent may ultimately have control over the assets intended for them. Modifications to your trust can prevent this if this is not what you would want.
- If your child pre-deceases you, your trust can make it clear that the surviving spouse has no interest in your child’s intended share, if that is what you intend.
- You may not know your in-laws well and want to consider modifying your trust temporarily to protect the assets until you develop a stronger relationship.
Wondering whether to consider an Orange County trust modification after your child marries? View here for several common reasons to consider an amendment.For more information about modifying an estate plan in California, view our free guide, The Ten Things You Must Know Before Creating (or Amending) Your Will or Trust. Our office of experienced Orange County trust amendment attorneys is happy to meet with you to discuss your estate planning needs. Call our office today at (714) 282-7488for a consultation.