How to Prevent My Son’s Ex-Wife From Taking His Inheritance

If you’re approaching retirement in Tampa, you might feel wonderful about leaving your fortune to your children. On the other hand, you might be less enthusiastic about your child’s choice of spouse. Perhaps you believe that your son has a wife who will eventually divorce him, and you’re concerned about the safety of the family fortune. This is a common concern among estate planners in Florida, and there are various ways to address it.
Have a Clear Discussion With Your Children
Sometimes, the most effective estate planning strategies are easier than you think. A clear, straightforward conversation with your children goes a long way – and you can use this opportunity to clarify your wishes.
Get your children together and explain that you do not want their spouses to directly inherit any of your assets. Once your children become aware of your wishes, they are more likely to respect them. Perhaps more importantly, they may fight to honor your wishes and prevent their spouses from accessing any of the funds.
Lay Out Your Wishes in Your Last Will and Testament
Oral discussions can be helpful, but they are not legally enforceable. To put your wishes into writing, you will need to include them in your Last Will and Testament. This is the bare minimum for estate planners in Florida, and it allows you to communicate how your children should inherit your assets. In your Will, you can say that your children’s inheritance is for their sole benefit – and no one else’s.
Consider a Trust for More Advanced Asset Protection Strategies
If these strategies seem insufficient, you might consider a trust. Popular among high-net-worth individuals, trusts give you more control over your estate plan. One of the key benefits of trusts is that they control how your assets are inherited – and not just who inherits them.
Another important advantage is the role of the trustee. Choose the right trustee, and they will make sure that your son’s ex-wife never touches a dime of your hard-earned money. If that isn’t enough, you can provide your trustee with clear instructions – and they are legally obligated to follow them.
More complex trusts allow you to exert even greater levels of control. For example, a spendthrift trust distributes inheritance to your children in a gradual, “drip-feed” manner. This helps them cover their living costs without creating excessive income, potentially helping your children reduce divorce-related financial consequences.
Do I Really Need an Estate Planning Attorney in Tampa?
An estate planning attorney in Tampa takes the guesswork out of estate planning. It may be worth contacting Knudsen Law for a consultation – especially if you need to address complex family issues. The safety of your inheritance is a valid concern, and there are many ways to keep these funds away from scheming former spouses. Reach out to our experienced estate planning lawyers in Seminole County to get started on an action plan.
Sources:
floridabar.org/the-florida-bar-journal/protecting-an-inheritance-in-the-event-of-divorce/
floridabar.org/public/consumer/pamphlet011/