Every parents’ natural inclination is to see their children lead a fulfilling life and have a loving and happy marriage and to have a family of their own. Most parents want to welcome potential sons or daughters-in-law into the family with open arms to make their children happy.
However, no matter how blissful your children are on their wedding day, not every marriage lasts forever. Besides seeing your children happy in their life and marriage, you also want to make sure that the assets you saved for them remain secure in their names even when unexpected events occur, such as divorce.
Protecting your children’s inheritance from potential divorce should be something to consider when creating your estate plan. At Foley Law Offices, we recommend that you seek a certified estate planning lawyer in Livonia to ensure that you have everything set up appropriately to protect your children’s inheritance from unfortunate events in the future.
Foley Law Office Tips
The best method for parents to protect their child’s inheritance is to structure a wealth transfer via a trust and prenuptial agreements.
Trust
When any assets are owned by the trust, then by definition those assets are not owned by your children, or by extension, their spouses. The trust benefits your child as the assets never become marital property and will not be subject to division during a divorce. So, your child’s spouse will not be able to pursue these assets during a divorce.
There are different forms on how trusts are created. This typically will depend on the rules and how the trust’s assets are to be distributed to the beneficiaries. As one of the highest rated estate planning lawyers in Livonia, we can help you in creating the trust that fits your requirements and long term goals. It is important to ensure that your children completely understand the significance of maintaining and securing those assets under the trust’s ownership.
Prenuptial Agreement
Prenuptial agreements enable your children to delineate with their spouse which assets are marital property and which belong to the individual. Furthermore, prenuptial agreements allow your children and their spouse to determine their rights on the assets at the termination of their marriage, either by divorce or death.
Trust and prenuptial agreements are a few of the estate planning effective strategies that can help structure inheritance to ensure that it remains to benefit your family and future generations.
Whether you are considering creating a trust or have your children establish a prenuptial agreement, as a means to protect your children’s inheritance from future divorce, we encourage you to consult with our experienced estate planning lawyer in Southeast Michigan so that you accomplish your desired outcome.
To learn more about your options, call Foley Law Offices at (734) 462-7500.