A child’s wedding day is one of the happiest occasions in life for most parents, especially when they approve wholeheartedly of that child’s choice of mate. Sometimes, however, the choice is not always welcomed and parents become concerned about how to protect assets they plan to leave their children in case of a divorce.
Fortunately, there are several estate planning devices that allow parents to shield assets from those who marry – and may divorce – their children:
Irrevocable trust – one of the most common ways to pass assets to children, an irrevocable trust provides asset protection as long as it is not mixed with marital funds.
Preservation trust – this type of trust can be used to protect assets from a divorce by having your child place his or her assets into the trust and naming a beneficiary that is someone other than a spouse.
Post-marital agreement – many parents are unsuccessful in negotiating a prenuptial agreement before the wedding, and find it easier for children to accept the drafting of a post-nuptial agreement later on to protect family assets.
If you’d like to learn more about Trusts, Pre- and Post-Marital Agreements and other aspects of estate planning, contact a Personal Family Lawyer® today to schedule a time for us to sit down and talk.