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Should I Change a Revocable Living Trust After Divorce?

Posted on Sat Nov 10, 2018, on Revocable Trusts and Living Trusts

New Jersey Trust Lawyer

Divorce can be a huge adjustment not only for you but for your children as well. The life you once knew is likely to change completely. During this time, you will be making a number of changes to your life. Unfortunately, it’s not uncommon for people to forget the need to update their estate plans following a divorce. Some may still choose to incorporate their ex-spouse in their estate plans in some way. However, it’s unlikely that you will want them to inherit everything you own if you were to pass away. Divorce can be a difficult time, make sure you take the time to review your estate plan and your living trust to make the necessary changes. Should I change a revocable living trust after divorce? Yes!

Reasons to Update Your Estate Plan

After a divorce, your plate will probably be feeling very full. Updating your estate plan may be the last thing on your mind. However, if your current plan does not reflect this life change, chances are some of the components you previously outlined are no longer your wishes.

The following are key reasons you should update your will after a divorce:

  • Ensure that all your wealth does not default to your ex
  • To ensure that your ex is not appointed as executor over your estate
  • Ensure that your children are taken care of both physically and financially
  • So that your ex will not retain power of attorney or medical care should you become incapacitated

Have Your Trust Reviewed by a Revocable Trust Attorney

Work with an attorney to ensure that you have revoked your current will and have initiated the process of creating a new one. This can help to mitigate the complications that could arise with an outdated estate plan in place.

Changing a Revocable Living Trust

It’s not uncommon for people who have young children especially to have living trusts in place. A revocable living trust offers a number of attractive options. A living trust gives the grantor the ability to update the trust throughout their lifetime to reflect any changes. Following a divorce, it may be wise to amend your living trust. In the event that your ex was the trustee, you may choose to modify this to someone you fully trust.

Reasons to Keep Your Revocable Trust

Revocable living trusts may give the grantor more control over how assets are managed following their passing. A living trust does not have to pass through probate court. As a result, the contents of a trust can be passed off to the beneficiary more quickly than if it were to pass through probate. In addition, a living trust can keep inheritances confidential and may even avoid estate taxes. If you need to change your living trust, consult with an attorney to discuss the best way to amend this document.

Should I change a revocable living trust after divorce: Yes!

It’s easy to put off your estate plan following a divorce. Reviewing components like your living trust will be key to ensure that you have made a clear plan for your children in the event you were to pass away. Fortunately, you are not left to sort through amending your trust all on your own. Contact a New Jersey trust lawyer at Klenk Law for their counsel. They can help ensure that your estate plan is updated to reflect your new life circumstances.

Tags:

Living Trust, Revocable Trust

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I contacted Peter through his website using the free consultation link for a question regarding a will. While I was expecting only a few minutes, it was a lengthy conversation. He made sure he understood the situation by asking many questions before offering advice. He then went through my options and results of each one. He left it up to me to decide if I wanted to proceed and did not push me toward one or another. His website has very useful information which I definitely researched before I called him. While I decided not to proceed at this time, I feel I had enough information to make that decision. I would not hesitate to hire him should I need to in the future.

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Peter explained a complex subject very clearly, helped us to decide the best approach to managing our estate and then made it very easy for us to execute the required documents. He will be a valuable resource for years to come and clearly has a great understanding of estate law that will lead to innovative solutions for us. I would unhesitatingly recommend him for estate planning.

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Everything about my experience was a 10+! Peter and his staff made what I thought would be a difficult process easy and understandable. Every detail was handled correctly. No other firm could possibly do better than Klenk Law!

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I was referred to Peter after my divorce to put documents together to protect my assets. He suggested a number of documents that would help protect my children and their future. Also, he put together wills, power of attorney and living wills. I initially spoke with him on the phone, he took 30-40 minutes to understand my situation and explain the benefits of having such documents. After a week or two, I met with him in his office and signed the documents. Everything else was remote phone calls and emails. He re-explained these documents and what whom to share. I am in good hands.

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Peter and the whole team at Klenk Law are top notch. They are thorough, efficient and understanding of client needs. He was able to tailor our estate planning needs just how we envisioned.

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