Parents are usually happy to watch their children’s marriages grow and develop. Unfortunately, not every marriage is healthy and successful. Sometimes, parents must watch in misery as their adult children struggle in abusive or otherwise unhealthy relationships. Parents may worry or possibly hope that these marriages could eventually end in divorce.
The possibility of a divorce leaving a child’s former spouse in possession of part of the child’s inheritance is quite distasteful to most parents. Thankfully, there is an estate planning solution that can significantly reduce the chances of this situation occurring.
Trusts can help protect an inheritance
Receiving a lump-sum inheritance can be overwhelming even for those who are in stable life situations. For someone in a volatile marriage, the sudden influx of capital that they inherit from a parent could put strain on their marriage and might even become a financial incentive for their spouse to file for divorce.
Testators worried that their beneficiaries might divorce later and lose part of their inheritance to a spouse can create trusts as a way to protect an inheritance. There are multiple different types of trusts that an individual can integrate into their estate plan depending on their circumstances. The trust can hold inherited property and distribute it in small amounts as appropriate in accordance with the instructions of the testator. This approach helps preserve those assets so that even if a divorce occurs in the future, what remains in the trust should have protection from any property division proceedings that transpire.
Creating custom estate planning paperwork can help people address unique concerns they have about their assets and family circumstances, including the possibility of an adult child’s marriage coming to an end.