When divorced parents redo their estate plans, the objectives are usually straightforward: remove the former spouse, protect the children, and ensure that any inheritance is managed responsibly until the children are old enough to receive it.
Consider Laura. She divorced three years ago and has two children, Emma (9) and Jack (6). She recently completed a comprehensive estate plan, including a revocable trust that holds each child's inheritance until age 35, with her sister serving as successor trustee.
The documents were signed. But without taking the next steps, the plan would ultimately become a disaster.
