How To Cope With The Problems Of Inheritance And Divorce

Inheritance and divorce issues can be difficult to understand, especially when you consider that every state has its own laws. What is certain is that any change in your circumstances warrants another look at how your affairs are structured, ideally with professional assistance. Just overlooking one important point could mean that your assets pass to the people you would definitely not want them to pass to, instead of those you would like to benefit from your estate. Proper planning is absolutely essential, and it is equally important to amend those plans when necessary.

Marriage and divorce create two totally separate problems when it comes to inheritance. Firstly, there is the problem of a potential divorce for the person making a will. This will have an effect on the level of their assets, and may even invalidate part of the will if certain conditions can no longer be met. Secondly, there is the potential problem of someone inheriting money while they are in a marriage which is about to end. The two cases are obviously completely different, and need handling in different ways.

It is often difficult to assess the potential financial damage of a divorce in advance, but it is safe to say that your asset levels will be diminished. It is certain that any will you had drawn up before the divorce will need to be amended. If money was to be left to your marital partner, you will want to change your will even before the divorce takes place, in case you should die suddenly in the meantime. Once your revised income and assets are known, you can always make further revisions to the will.

Dealing with money that you are going to receive as a beneficiary is more difficult, as it depends entirely on the laws of the individual state in which you live. In most states, there will not be a problem as the inherited money will be classed as separate property. In this case, the money will remain yous after any divorce has taken place. In some other states where this law does not apply, you will have greater problems. If you know that you are due to be a beneficiary of a will, you should discuss the situation with the other party to find the right solution.

The higher your asset level, the greater the potential problems with any divorce inheritance. Once you reach the level where inheritance tax would have come into play anyway, you will need to have your estate structured by a professional. This is where you can get the advice you need considering divorce at the same time. There is never any substitute for taking advice from a professional who is licensed to practice in your state, as they will know exactly how to handle inheritance and divorce.





 

Inheritance Advice News:

 

Heir hunters: How to track down an unclaimed inheritance - This is Money

This is Money

Heir hunters: How to track down an unclaimed inheritance
This is Money
Often people have drifted apart by divorce, separation or just by moving away. This can make it hard to find family members when someone passes away. He says tracing relatives has become harder due to higher number of divorces and people change their .

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NAB takes years to pay compensation after investment nightmare
Feb. 21, 2015, 7:32 a.m. Sydney single mother Veronica Coulston had just received an inheritance from her father's estate, and she knew exactly what she planned to do with it EUR pay down her mortgage...


Vitals statistics - Marion Star

Vitals statistics
Marion Star
Ashley Kay Williams and Phillip Lee Parker II. Dissolution petitions filed. Mallie Frances Lively and Dennis Lee Lively. Kevin Scott Timmons and Amber Nicole Steele. Divorce petitions filed. Vincent Clark from Stacy Clark. Amy Evans from David T. Evans .

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Stroke victim conned by his own financial advisor who lived rent-free in his home
A financial adviser has been jailed after living rent-free at a disabled clients 220,000 buy-to-let house without telling him. Christopher Peacher, 52, cheated stroke victim Fred Turner, 71, out of 11,800 after the wheelchair-user asked for advice on investing an inheritance from his aunt...


'I'm due an inheritance from Australia what's the best way to transfer the cash?'
Ask an expert: A reader asks how to obtain the best exhange rate on an inheritance from his father..


CIBC Poll: More than half of Canadians have struggled with financial decisions
CIBC Poll: More than half of Canadians have struggled with financial decisions..


Bobbi Kristina tragedy: Who will inherit Whitney Houston's estate? - NJ.com

NJ.com

Bobbi Kristina tragedy: Who will inherit Whitney Houston's estate?
NJ.com
According to the terms of the will, if Bobbi Kristina dies, family matriarch Cissy Houston and her two sons are next in line to inherit the estate -- which includes full royalties from the late singer's music, likeness and image. Bobbi Kristina .

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