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Most of us assume marriage is a lifelong commitment. Unfortunately, about 50% of the marriages that are entered into these days end in divorce. Divorce can be a messy process for everyone, especially if there are children involved. Divorce can have a significant and lasting effect on a person’s future and the future of their estate. The impact of divorce on your estate plan is often something that is overlooked during the divorce proceedings. While more immediate matters may consume energy and attention during a divorce, it is important to make certain considerations and legal updates if you are contemplating divorce or have divorced.

The Impact Of Divorce On Your Estate Plan

As previously stated, divorce is not an uncommon occurrence. Divorce is the termination of a marriage contract between two individuals. Namely, divorce gives the two individuals the legal ability to marry other people, divides the couple’s assets, and outlines the details of the care and custody of any minor children. Following a divorce, there are numerous results that will come about, some contemplated and some less obvious.

The Impact Of Divorce On Your Estate Plan

Upon entry of a divorce decree, Utah law typically revokes nomination of your former spouse or his/her family members to act as your trustee, executor, or agent. However, if you pass away after a divorce, your former spouse will most likely become the primary guardian of your minor children. However, in rare circumstances your former spouse may not be suitable to become a primary custodian. In those cases, it is important that you have worked with your attorney to make sure that someone suitable is appointed to be your children’s guardian. If you have an estate plan that nominates a guardian in the event both you and your spouse die, after a divorce it is critical to review that plan to ensure that guardian is still your preferred nominee.

Under Utah law, in most circumstances a divorce revokes any disposition of property to your former spouse from your will or trust. However, it is important to keep in mind that if you leave your assets to your minor children outright your former spouse will likely have control over those assets. Every situation is different, and perhaps you would not want your former spouse to have control over the assets that are for your children. That is why it is important to make legal arrangements for your assets after a divorce, particularly if your children or beneficiaries are minors.

Review Your Will and Trust

It is important to note that if you do not make the appropriate changes to your estate and will, there could be several potential consequences. There are several important questions that you will need to ask yourself regarding your will and trust. You should ask yourself who is designated as the trustee of your trust, who is the executor of your will, and who is the agent under your property and health care powers of attorney. In many states, if your spouse was listed as any of these designations and you got a divorce, they would no longer qualify to be beneficiary. If you did not name a successor to your spouse, it may be that no one is designated to act as your trustee, executor, or agent. These laws differ by state. hence, it is important to check your designations, and change and update them as necessary.

Review Beneficiary Designations

In addition to reviewing your will and trust, soon after your divorce update your beneficiary designations for assets such as life insurance policies, stocks, and bonds. Utah law provides that a divorce can revoke these designations, but you should notify policy administrators and advisors of your changed marital status. You may have to leave your ex-spouse as a beneficiary for some of these assets if the divorce decree requires. You will need to look at your divorce decree and consult with your attorney to make this determination.

Do You Need A Estate Planning Attorney?

If you have recently divorced or are currently going through a difficult divorce process, it is important to consider your assets and estate. It is vital to hire an estate planning attorney in order to protect your future, your assets, and your heirs. Reach out to us at Stevenson Smith Hood Knudson to get in touch with an experienced attorney. We look forward to helping you assess your estate plan.

Filed Under: Estate Planning, Trusts, Wills Tagged With: divorce, estate planning, impact of divorce on your estate plan

If you watch TV or read books, then you’ve often encountered wills. Wills, unlike trusts, are often presented in TV and books as something that causes friction between family members. To help you understand what wills are, this article will compare two common types of legal documents that are used in estate planning: wills and trusts. The goal is to help you better understand what each document does and when it should be used. 

The Similarities Between Wills and Trusts

Before discussing the key differences between wills and trusts, it will be useful to learn some of the similarities between the two different types of legal documents. 

Wills and trusts are both used in estate planning.

Wills and trusts are both used in estate planning. For example, a will outlines who will care for minor children (if you pass away having children who are minors). It also outlines what to do with belongings and who they should be given to. This outlining of “what goes to who” is similar to what trusts can do as well. 

Wills vs. Trusts: What You Need To Know

Wills and trusts require legal advice.

Both wills and trusts require legal advice. For example, a will requires someone who can fulfill the formal requirements as well as defining “what goes to who” after death. In the case of a trust, an experienced legal expert can ensure the documents are formally correct and accomplish your goals. 

Both wills and trusts also come in many different forms. Wills can be modified and customized. When it comes to trusts, there are revocable, irrevocable, and testamentary trusts. Even more so than wills, trusts can be customized in numerous ways. You will need to consult with a legal expert to find out what type of will or trust is right for your situation. 

The Differences Between Wills vs. Trusts

Wills and trusts mayboth accomplish division and distribution of property but they are, nevertheless, different. Here are some key differences between wills and trusts.

Wills require a probate court; trusts do not.

For a will to take effect requires a probate court. Probate courts make sure that the will is complete according to state law. It also makes sure that debts and other loans have been paid off before distributing the deceased’s property according to his or her wishes. Even with a will, no one has authority to distribute assets or spend money until the probate court appoints the personal representative, also called an executor. If there’s no will in place, a probate court will follow state laws to appoint a personal representative and distribute the assets. 

Trusts, on the other hand, do not require a probate court in order to take effect. Trusts can take effect immediately upon the creation, at death, or under various other circumstances. Trusts can be designed and customized to address your specific concerns, and accomplish your specific goals both for yourself and for your family.

Stevenson, Smith, Hood, Knudson P.C. Can Help You 

If you’re not sure of the differences between trusts and wills, Stevenson, Smith, Hood, Knudson P.C. can help you understand these key differences better and determine which option is the best for you. Wills and trust come in different forms: you should have a knowledgeable attorney who can design an estate plan to meet your needs, whatever those may be. 


For more information about wills and trusts, contact us at 801-821-5775. We’ll answer any questions that you may have. You can also contact us here.

Filed Under: Attorneys, Estate Planning, Estate Planning, Trusts, Wills

It is important to be aware that the creation of a trust or will is not the end of the process. You need to regularly review this plan to ensure that it is still well-suited to meet all of your needs. As your life changes, your plan will often need to change in order to meet these demands. Our attorneys at Stevenson Smith Hood Knudson, PC are knowledgeable about how to effectively review and modify your trust or estate plan to keep it suited to your current situation. 

Life Changes

Any major life changes will likely have an impact on your trust or estate plan. These changes will have an impact on your underlying situation, which will have an additional impact on your future. When you are aware of the specific events that generally require a review of your estate plan or trust, you will be able to keep your plan current and ensure it addresses your specific situation. 

New Marriage

Whenever you get married, you will want to ensure that you review your trust or estate plan. This is especially important if you have been married previously. You may want to consider a prenuptial agreement to protect any children you already have. By reviewing the plan and modifying it appropriately, you will be able to ensure that the plan includes your new spouse rather than a prior one, while protecting children from a previous marriage.  

Guardian Changes

The Importance of Regularly Reviewing Your Trust or Will

It is important to regularly consider the designated guardian for your child. When you have major life changes, you may want to make changes to the appointed guardian. This will ensure that you are often putting thought into the future that will best protect your children. These changes can be made when you review your estate plan or trust. 

New Children

New children are another important reason to review your trust or estate plan. This may be children of your own or even grandchildren. Regular reviews will help you to ensure that stepchildren, adopted children, biological children, and more are all accounted for with your particular plan. 

Divorce

Divorce is a major reason to review your trust or estate plan. If you created an estate plan while married, it is likely that your previous spouse was included in your plan. You will want to modify the plan so that your assets are distributed to the individuals that you choose. 

Changing Assets

Ultimately, life is filled with changes. This will likely result in the addition or subtraction of your property or assets. When this is the case, you will need to review the trust or estate plan in order to ensure that it includes these changing assets. This will ensure that your plan is still well-designed to meet all of your needs. 

Changing Tax Laws

As with your assets, tax laws are also liable to change. When you review your plan on a regular basis, you will be able to compare it to these changing tax laws. This will ensure that your plan still complies with the laws and that its design will still be effective. 

Death of a Beneficiary

In the event of the death of a beneficiary, you will want to update your estate plan. This will ensure that you are able to direct those assets to the beneficiaries that you desire. For example, you may want your previous beneficiary’s children to receive their share or may want it to be distributed equally among your other beneficiaries. Regular review will help you to make these decisions. 

Appoint a Different Trustee

The trustee that you choose for your estate plan or trust may also fluctuate over time. During the review process, you may decide to appoint a different trustee to help protect your assets. Review will ensure that you think about this and make the best decision for your particular situation. 

How Often You Should Review Your Plan

Even if you don’t have any major life changes, it is important to review your trust or estate plan. We recommend that you review this plan with your attorney approximately every 3 to 5 years. It will also be important to revisit your plan following any major life changes. You can consult with our team for more information about which life changes could require modification of your estate plan. It is essential to regularly review your trust or estate plan in order to ensure that it is effective and up-to-date with new life changes. Our experts at Stevenson Smith Hood Knudson, PC can help you with this review process. For more information about why you need to regularly review your trust or estate plan, contact us at Stevenson Smith Hood Knudson, PC today!

Filed Under: Estate Planning, Trusts, Wills

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