Marriages are wonderful but it might be wise for parents and grandparents to consider what might happen to the estate plan, if the honeymoon ends way too soon, according to the Wills, Trusts & Estate Prof Blog in "They're Engaged!...Top 5 Financial Considerations Before the Wedding."
According to the blog, you should review your estate plan and any gifting plans to protect your generosity. Make sure that the divorce of your child or grandchild does not result in the assets you have given, end up in the hands of an ex-spouse.
You do not have to make such arrangements, but most people prefer it that way.
To do this, you are going to need to sit down with your estate planning attorney, since you will need expertise with someone who knows estate law well.
You may also need to get some advice from a divorce lawyer in the state where your child or grandchild lives, in order to understand marital property laws and divorce in that state. Your estate planning attorney can also look those laws up and get advice as needed.
A marriage is a good thing to celebrate but it might be wise to consider the consequences to the estate plan, if things turn out badly.
The attorneys and team at Nickerson Law Group help families with estate planning, probate, guardianship, and special needs trust planning in Austin, Cedar Park, Round Rock, Georgetown, Lakeway, Bee Cave, Dripping Springs and the central Texas area. For more information and to learn about our firm, visit Nickerson Law Group’s website. www.estateplanningaustintexas.com
Reference: Wills, Trusts & Estates Prof Blog (July 27, 2017) "They're Engaged!...Top 5 Financial Considerations Before the Wedding."