Changes to Estate Plans After a Divorce
Tuesday, May 19, 2020
Under Oregon law, a divorced spouse will be treated as pre-deceased for purposes of inheritance from their former spouse under a Will that existed before the divorce, in most cases.
Under Oregon law, a divorced spouse will be treated as pre-deceased for purposes of inheritance from their former spouse under a Will that existed before the divorce, in most cases.
Many people do not think they have enough money to need a Will.
Others think they will spend everything before they die.
Sometimes people die unexpectedly, of course, and do not get around to spending their money.
Some people (and even some lawyers) question whether a person can make a Will or an Estate and Incapacity Plan providing for their children before they have any children.
It is perfectly possible, and perfectly simple to do this.
Many people are worried by the Coronavirus/COVID 19 pandemic, and are limiting their social contacts, and abiding by guidelines for social distancing.
It is not uncommon for people who have married late in life, or who are living with a significant other to whom they are not married, to want to protect that other person, and make sure that the other person has a place to live as long as they need it, while also ensuring that their own child
It is not uncommon in a divorce for a couple to agree to a settlement where one former spouse gets the lifetime use of a certain home or investment property, with the understanding that the other former spouse’s children will ultimately receive the real estate.
A question sometimes comes up in estate planning situations where a parent wants to be sure that a child gets a home or some other certain piece of real estate, but does not want to transfer the property immediately.
A life estate is created when someone gives the current rights to real estate to a third party (or retains these rights themselves), while giving the rights to that same piece of property to someone else after the holder of the current rights passes on.
Sometimes a Will is not well thought out.
Sometimes things simply have changed since the Will was written.
It is important to transfer assets into your trust, if you have a trust at least in part because you want to avoid probate.