When people get married, divorce is never really on their mind but, unfortunately, life happens. It is as important to prepare for the worst-case scenario as it is to prepare for the best, and that means having plans set in place and understanding your rights and responsibilities. Marriage changes things, and it can complicate decisions that, at first glance, seem simple.
A trustee is the person who controls your trust, and it does not have to be somebody else, and at any given time you can change who your trustee is. The job of a trustee is to execute the instructions of a trust, to the letter, that is laid out by you. While you can name yourself to be your own trustee, it can also be a spouse, an adult child, a trusted friend, or even a professional.
Too many people don’t plan for the future for after they are gone. This is a mistake, especially if there are assets that you want to be divvied up among any children you have, other family members, or friends. Without some kind of estate plan in place, things can go awry quite quickly. One of the fastest, yet ironically slowest methods, it can go awry is if there is no legal protection set in place in the first place – this can cause your estate to become entangled in probate court.