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Protecting a Child’s Inheritance During Divorce

Inherit

In the midst of a divorce, people often experience financial worries. For some, this includes the desire to shield funds earmarked for children. If this is true for you, know that if you and your spouse have decided to part ways there are steps you can take to protect assets for your kids. This is true if your children are the result of your current marriage or a previous relationship.

When you meet with a Port St. Lucie Estate Planning attorney, they can share with you strategies parents can employ to safeguard their child’s inheritance during divorce. While this involves the use of trusts, it is also possible to add inheritance provisions to divorce agreements.  Our firm is uniquely equipped to handle these matters as our attorneys individually focus on both areas of law.

Trustees, Provisions, and Legal Guidance

Many parents prioritize their children’s financial well-being and future security. Because of this, it is worth exploring paths to protecting a child’s inheritance if you are moving to separate and dissolve a Florida union.

– Establish a trust. An effective way to safeguard a child’s inheritance is by creating a trust. A trust allows parents to designate specific assets or funds for the benefit of their child, with clear instructions on how and when the assets are to be distributed. By placing assets in a trust, parents can ensure that their child’s inheritance remains protected from the financial ramifications of divorce and other potential risks.
– Name a trustee. If you do choose to create a trust, you must appoint a trustee to oversee the management and distribution of the trust assets. The trustee can be a trusted family member, friend, or professional fiduciary who acts in the best interests of the child and ensures that the terms of the trust are followed.
– Inheritance provisions in divorce agreement. During divorce negotiations, parents can include provisions in the divorce agreement that address a child’s inheritance. This may involve specifying how assets are to be allocated and managed, as well as outlining any conditions or restrictions on the use of the inheritance funds.
– Maintain documentation. Accurate records and documentation of any assets or funds designated for a child’s inheritance need to be maintained, such as copies of trust documents, account statements, and other relevant paperwork to ensure transparency and accountability.
– Seek legal guidance. You do not have to go through the process alone. When you consult with an experienced lawyer, you can navigate divorce proceedings with a legal professional by your side.

By addressing inheritance matters now, you and others in your family can avoid messy legal disputes later.

Importance of Comprehensive Divorce Agreements

Divorce agreements cover a lot of areas, including opportunities for parents to put clear guidelines for the protection and distribution of inheritance assets in place. Discuss your divorce objectives with a Port St. Lucie estate planning attorney in order for you to secure the agreements that reflect your wishes and priorities.

Could establishing a trust be in your future? Talk to the seasoned legal team at Baginski, Brandt & Brandt about how you can prioritize your children’s well-being and take steps to safeguard their inheritance when a marriage comes to an end. Contact us to schedule an appointment.

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By Baginski Brandt & Brandt | Posted on July 9, 2024
Port St. Lucie 8483 S. U.S. Highway One
Port St. Lucie, Florida 34952
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Stuart, FL 34994
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