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Your Family, Business, and Estate.
The individual with minor children
How do you feel about your ex-spouse managing your property left to your children?
In the situation where you are now single due to a divorce, it is not a stretch to assume that financial issues partially or wholly triggered the divorce. If the custodial parent (the one who has primary physical custody of the children) dies, the surviving parent/ex-spouse (assuming he or she is fit to parent) will be the implied guardian of the children and the conservator of the assets left to the children from the deceased custodial parent. By setting up a comprehensive estate plan, your Family Trust would be established to receive any of your assets left to your children. The trustee of your Family Trust can be any person of your choice. Ultimately, with your Family Trust in place, you can rest assured that your assets will never come into the possession of your ex-spouse.
Click here to discover what you need to know about estate planning and divorce.