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:

 

Marriage of 95-, 96-year-old raises questions - Walla Walla Union-Bulletin

Marriage of 95-, 96-year-old raises questions
Walla Walla Union-Bulletin
While there are numerous issues to be sorted out, including questions about inheritance and where the couple will live, she would just as soon let the marriage continue. EURœI see no reason to break . EURœI was 18. She was 26. Two weeks later I wanted a .

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Estate planning for all-not just the wealthy - CNBC

CNBC

Estate planning for all-not just the wealthy
CNBC
It's also not unheard of for ex-spouses to inherit life insurance benefits long after the divorce. Where is your will, and would your family be able to find it? If the will is locked in a safe deposit box, how would the executors prove they have the .

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Inheritance tax is now the norm for southern families
Pressure on Osborne as average house price in south east exceeds 'death tax' threshold..


Inheritance
Sept. 12, 2014, 2:42 p.m. I am 50, married with two kids aged 7 and 4. I have worked most of my life in low-paid creative work, but along with that lots of other EUR˜support jobs of course- a great life but not financially sound!..


Vox Got the Mariam al-Mansouri Story Wrong - Breitbart News (blog)

Breitbart News (blog)

Vox Got the Mariam al-Mansouri Story Wrong
Breitbart News (blog)
HRW criticized Egypt's handling of rape and domestic violence and noted that, "laws in Egypt continue to discriminate against women in relation to marriage, divorce, child custody, and inheritance." There is no law criminalizing domestic violence in Egypt.

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Playing Russian roulette with financial advice
Sept. 3, 2014, 12:15 a.m. A lack of quality control in the financial advice industry leaves consumers vulnerable to shoddy advice. Because there is no effective gate-keeping of advisers it is up to consumers to exercise care...


Harry gets inheritance this week
Prince Harry will inherit his share of his mother's fortune when he turns 30 on September 15...


Harry to get inheritance this week
Prince Harry will inherit his share of his mother's fortune when he turns 30 on September 15...


Who will inherit your debt when you die?
Most of us would love to leave a nice inheritance to our loved ones. However, many baby boomers will instead leave a very different kind of legacy: debt...


 

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