Protecting Assets
With proper planning, your assets can be passed down to beneficiaries as you desire, instead of being spent on probate expenses, creditors, or to the spouses of your beneficiaries in the event they go through a divorce.
Probate
Probate is a lengthy and cost-prohibitive process. One way to protect assets is to use estate planning in order to avoid probate.
Creditors / Ex-Spouses
Sometimes our beneficiaries have debts or judgments.
Beneficiaries may also be involved in divorce proceedings.
If a minor child’s parent passes away, it may occur that their inheritance is held and used by their guardian on behalf of the minor child. However, this can be detrimental if the other parent is the guardian, which is common. This is particularly worrisome if the other parent was an ex-spouse or ex-boyfriend/ex-girlfriend.
Proper estate planning can protect assets in the above situations.