Request An Attorney Consultation:
713-955-3102

Protect the assets you want to leave for your kids after divorce

Ending your marriage through divorce can impact many other parts of your life, including your finances and your relationship with your children. Your estate plan exists at that the awkward intersection of your financial future, your personal relationships and your legal obligations to others.

Married couples often create joint estate plants or last wills, which might mean you have to consider estate planning after you file for divorce anyway. Parents with minor children often need to adjust their last will to reflect their new marital status and the impact it will have on the succession of guardianship for their children in the event of their death. Leaving a legacy behind for your children is another important consideration after your divorce.

In cases where you want to leave specific assets for your children and worry that your ex could squander what you leave behind, creating a trust as part of your post-divorce estate planning strategy is a good way to safeguard those potentially vulnerable assets.

A trust restricts your ex's access to your assets

Ideally, you aren't going to die for some time, meaning you will live to see your children make it into adulthood, which is when they will have the legal authority to accept an inheritance. However, the risk is always there for you to die while your children are still minors. If you don't protect the assets you want to leave behind for them, your ex will likely assume control over those assets as the sole parent and guardian of the children.

That could mean that your savings and prized possessions will end up belonging to your ex or even sold or given away to others instead of winding up with your children. Creating a trust will make it substantially more difficult for your ex to access and misuse the assets that you want to leave for your children.

For example, the terms of the trust could prevent anyone from accessing the funds or assets until the children reach adulthood. You could also name a trustee who will scrutinize every attempted withdrawal and ensure that funds only get used for the expenses your children incur that your ex truly cannot manage on their own.

Pick someone to advocate for your children as trustee

Naming a trustee for an estate trust intended for your children is an important decision. The wrong person could violate their fiduciary duty to your children for personal financial gain. Placing someone you trust and that you know will comply with your rules for the dispersal of trust assets is of utmost importance.

Picking someone with a close bond to the children benefiting from the trust is a good way to reduce the potential for abuse or susceptibility to bribes or trickery by your ex.

Careful estate planning, including the creation of a trust, can help you create a legacy that will protect your children if anything happens to you before they become adults.

No Comments

Leave a comment
Comment Information
Icon Short Form

Talk To An Experienced Attorney Today

For more information or to request a consultation, call 713-955-3102 or complete our simple contact form.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Visit Our Offices In Houston, Midland, San Antonio, and Austin

Houston Office
2900 North Loop West
Suite 425
Houston, TX 77092

Phone: (713) 955-3102
Fax: (281) 751-3209
Map & Directions

Midland Office
415 West Wall Street
Suite 1000
Midland, TX 79701

Phone: (432) 247-3254
Map & Directions

San Antonio Office
227 N. Loop 1604 E.
Suite 130
San Antonio, TX 78232

Phone: (713) 955-3102
Fax: (281) 751-3209
Map & Directions

Austin Office
3800 North Lamar Blvd.
Suite 200
Austin, TX 78756

Phone: (512) 599-8501
Fax: (281) 751-3209
Map & Directions

Office Map Houston
Office Map Midland

Follow / Review Us

Perry, Shields, Campbell & Floyd PLLC BBB Business Review
US map

Privacy Policy | Business Development Solutions by FindLaw, part of Thomson Reuters.