Kim Kamin, Principal at Gresham Partners, LLC, makes suggestions about how to address future divorce when drafting trusts. She states, among other things, that the goal should be to: (1) plan for divorce with flexibility and precision to maximize a divorcing couple’s options, while (2) protecting what most divorcing settlors would want, and (3) recognizing that often the attorney represents and has duties to both spouses at the drafting stage.
Ms. Kamin also notes that practitioners generally aren’t concerned about joint representation when drafting to contemplate a future divorce between a descendant of the settlor and such descendant’s spouse. So, when defining a descendant’s spouse in an instrument, one potential solution is to include only the person to whom the descendant is married or was married at death, as long as no divorce action is currently pending and the couple isn’t legally separated.
Read the full article at Planning for Divorce When Drafting a Trust | Estate Planning content from WealthManagement.com.