How Your Ex Spouse Gets Your Money

5 Jun 2022 · 1 min

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In this short video, the speaker warns divorced parents that, if they die while their children are still minors, the ex‑spouse is likely to become the custodial parent and may be appointed by the court to manage the children’s inheritance. Because minors cannot receive assets directly, a court‑established minor’s trust is created, and the ex‑spouse often becomes the trustee, giving them control over the money. The speaker advises that this risk can be avoided by preparing a will or, better, an irrevocable trust that designates a professional trustee to manage the children’s assets after death. The video ends with a call to contact the speaker for assistance and to follow the channel.

Chapters

Are you divorced? Do you have kids with your ex-spouse? If that's you, you need to know that they could get their hands on every dime you have. If you were to die, whether you have a will, trust, or not anything at all, your money's probably going to your kids. If that happened while your kids were still minors, your ex is probably going to end up the custodial parent. Minors cannot receive an inheritance outright, so a court would set up a minor's trust for your kids. Guess who the court is most likely to appoint to handle your money until your kids are adults? Oh, your ex bought a new house with the money? It was for the kids. Your ex bought new cars? Cars and a vacation home, again, for the kids. This is easily avoided through a trust or a will that you prepare now. You provide that an irrevocable trust will be created upon your death to handle the money that you leave for your kids by a professional trustee. Questions? Contact me and follow this channel.