You have many options if you are thinking about setting up an estate plan, whether you decide to go forward with a special needs trust for one of your loved ones who struggles with a disability or some other type of estate plan. It is important to consider many factors, and there are a number of situations which can impact an estate plan. For example, the end of a marriage can lead to estate plan revision because a former spouse was listed as a beneficiary or was given authority that is no longer desirable. Moreover, if one of your beneficiaries splits up with their spouse, you may also want to think about how this could impact your plans.
Divorce can be unpredictable, and it can lead to a variety of legal challenges. As if your own divorce is not complicated enough, it can be even more challenging to understand some of the hurdles that a loved one is going through in their divorce. For example, if you have a child who is married, and they are listed as a beneficiary in your estate plan, you may be worried about how your assets will be divided and whether their former spouse will receive any of the proceeds.
The property division laws vary from state to state, but some actually do subject inheritance to division when a couple splits up. If one of your beneficiaries lives in a state like this, it may be important to consider your options and a revocable trust could prevent their ex from gaining access to assets from your estate.