-Setting up a revocable living trust after a divorce might seem like “one more thing to do” on the long list of things that need attention but it can be a very important. A revocable living trust makes sure that family, friends and even charitable organizations benefit according to your wishes and We Help You Legal has prepared some important considerations for reviewing or creating a living trust after a divorce.
If both spouses were joint trustees for the family trust during the marriage there’s a chance that trust held both community property and separate property. Community property includes assets that were jointly acquired or earned during the marriage. Separate property is assets that are the personal assets belonging only to one spouse, this includes real property that may have been acquired before the marriage, gifts and inheritances.
When a couple gets a divorce in California community property is typically equally divided between spouses. Each spouse keeps “ownership” of their separate property. Regardless of how amenable both parties were to the divorce and arrangements, or even how much the divorced partners may still trust one another, too many things can go wrong without setting up your own revocable trust.
We Help You Legal, providing assistance with living trusts from the Paso Robles and San Luis Obispo offices can help with the documents for a new trust. Revoking personal interest in the trust shared with an ex-spouse and setting up an entirely new revocable trust makes sure:
- All of the assets held in the new trust are “separate property,” passed per your wishes.
- The former spouse no longer has an interest in those assets.
- In the event either former spouse remarries, a new spouse has no community property claim on those assets.
A new revocable trust provides the same benefits and assurances as the previous, joint trust:
- Avoid the costs and delays of probate court.
- Reduce some estate taxes.
- Can be revoked or changed at any time during your lifetime.
- Protects loved ones, including minor children and dependent adults.
- Ensure assets are distributed according to your wishes.
In addition, setting up a new trust means the documents such as powers of attorney related to medical care and end-of-life wishes and financial power of attorney need to be reviewed and changed accordingly
We Help You Legal is a legal document assisting service, providing assistance with legal documents from offices in San Luis Obispo and Paso Robles for living trusts, divorce, custody matters, healthcare directive and power of attorney, landlord and tenant issues, name changes and more. The company is licensed and bonded in California, San Luis Obispo County LDA # 260 Exp. 11/2/22 Bond #65279225. Business License #6893.
We Help You Legal is a “self-help” legal document assistance company that provides document preparation without the high cost of an attorney. We Help You Legal, Inc. is not a law firm. We cannot represent you in court, advise you about your legal rights or the law, or select forms for you.
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720 10th St,
Paso Robles, CA 93446