Ensure Heirs Get Their Inheritance with the Right Wills and Estate Planning in Rapid City, SD
People work very hard to accumulate wealth during their lives and they rely on their lawyers to help them protect that wealth. Divorce can be the biggest threat to a person’s wealth. It’s one thing, when a spouse of 20 years, who helped create the wealth, wants a portion in a divorce settlement. It’s another matter, when a spouse wants a generous settlement after only a few years of marriage. A pre-nuptial agreement can be one of the most important documents in estate planning. It guarantees that there will be money for a person’s biological children. It prevents later spouses and their children, who did not assist in the wealth creation process, from taking a large share of the financial gain.
Today’s blended families can be a challenge when it comes to wills and estate planning in rapid city SD . Sometimes one man can have three wives and children with all of those wives. After they divorce, those women also go on to remarry and have children with other men. While divorce agreements determine spousal and child support, it can be difficult to gurantee that they limit access to an estate. As an ex-spouse watches the value of an estate increase, they may attempt to show that they had a larger role in creating that wealth than was previously stated.
It’s important for wills and estate planning lawyers in rapid city SD to work with their clients to determine their wishes for possessions, investments and cash after they are gone. Homes that have been in the family for generations may have to be sold during a contentious fight if a will is contested. Sometimes it’s not just the monetary value that’s at stake but a great deal of sentimental issues as well.
A wife might want to ensure that her first daughter keeps an expensive art collection that she and daughter’s father accumulated during their marriage. However, since then another husband has paid for the security, storage and maintenance fees associated with that collection, he may feel that his children are entitled to a portion of it. A clear and concise will that documents ownership and disposition of assets is the only way to ensure that the right person inherits them.