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In recent years, many people have moved away from using a will as the instrument that helps to control their estate planning and instead have favored the use of trusts. Trusts are another instrument that can provide for beneficiaries after someone passes away, but they can also be used while someone is still alive, unlike the traditional will. Unfortunately, there are many different complications that can arise when a married couple seeks a divorce and any sort of trust is in place. If you face this situation, seek the immediate help of San Diego trust attorneys who have handled these issues many times in the past. Below is a brief explanation of this issue.
As stated above, there are a plethora of different trusts that can be initiated. Two of the most common are known as revocable and irrevocable trusts. For those men who are married and whose estate is controlled by an irrevocable trust, removing the ex-spouse as a beneficiary if she is included as one can be a very difficult process that often involves court proceeding and perhaps resistance from the other spouse. While there are certain tax advantages to an irrevocable trust, there can also be consequences if a divorce becomes a reality that can take time to solve.
The other common type of trust is a revocable trust. These trusts many times do not present as many tax benefits to the beneficiaries, but they can be adjusted, revoked or changed by the original party who funded the trust at any time. Making these changes and handling them properly is one of the first steps that should be taken when a divorce proceeding begins so that there are no issues that arise as the divorce moves forward.
If you are facing the prospect of a divorce and you have any sort of trust in place that names your soon to be ex-spouse as either a beneficiary or as a trustee, or someone who helps manage the trust, you need to act immediately. Gather all of the documentation that relates to the establishment and management of this trust as soon as possible and be ready to provide them to a San Diego trust lawyer who can help you make the changes necessary before any additional problems could arise.
If you're ready to protect yourself and your intended beneficiaries, you have no time to waste. Contact the San Diego trust lawyers at the Men's Legal Center as soon as possible to obtain the estate planning and family law help you need by scheduling an initial consultation.