A Folsom Estate Planning Lawyer Discusses Protecting Your Heirs Against Litigation or Divorce
Are you wondering whether or not your estate plan protects your heirs from litigation or divorce proceedings? Call an estate planning lawyer now to get a complimentary case review.
When you leave assets or an inheritance to your heirs, you will likely expect them to be mindful of such things. However, as diligent as your surviving spouse, children, grandchildren, and other heirs might be, they can be vulnerable to claims on the inherited money and assets.
Divorce, judgments, business, and creditor claims could impact anything you leave to heirs. This can happen through no fault of their own; however, carelessness could increase this risk. You can also help to reduce this possibility through various estate planning tools. Because each person has their own needs, it is recommended you talk with an estate planning lawyer for personalized advice.
How You Can Protect Your Heirs and Their Inheritance
Are you concerned about your grandchild using his or her inheritance to purchase a home in joint names with a spouse, only to lose the asset in a complicated divorce? There are special trusts that can help to avoid this loss. These include various irrevocable trusts or trusts under a will, including a beneficiary-controlled trust. You will likely need to hire a Folsom estate planning lawyer to analyze your situation and let you know which option will be most suitable.
Yee Law Group, PC offers a number of estate planning services including:
- Estate administration
- Estate planning
- Divorce protection
- Asset protection
- Revocable trusts
- Irrevocable trusts
- Living wills
Prepare to Educate Your Heirs
While these legal documents can help to protect your heirs’ inheritances, there are additional things you should consider. For example, when they are old enough, you and your Folsom estate planning lawyer, might want to sit and talk with them about the inheritance. Explain to the heir that this inheritance is theirs and should always remain as separate property. This should be followed up by educating the heir on the proper steps to keep the property separate from marital property. Prenuptial agreements might also be a smart decision and could prevent a loss of assets or wealth in the event of a divorce.
Seek Legal Advice Before Signing Anything
Bear in mind that trusts and prenuptial agreements have different provisions and enforceability depending on the state you are in. You should always seek legal advice from an estate planning lawyer before drafting and signing any of these documents.
A Folsom Estate Planning Lawyer for All of Your Estate Planning Needs
Yee Law Group, PC offers more than four decades of combined legal experience and focuses primarily on estate planning, estate administration, and trusts. If you are ready to take the necessary steps to preserve your wealth and protect your heirs’ inheritance for many generations to come, please call our office for a free consultation with a dedicated estate planning lawyer.