Estate planning is probably low on the list of things going through your mind while going through a divorce, a stressful and emotional time. In between all of the paperwork, separating and changes, there are critical items that have to be taken care of before the divorce process if over. One of those things is making changes to your estate plan. More than likely, once you divorce, you will want to remove your ex-spouse from receiving your assets.
If you find yourself in the divorce process or post-divorce process, consider the following:
Children Tend To Remain A Top Priority During Estate Planning.
When your divorce is finalized, the alternate beneficiaries will inherit those items. Sometimes, changing where you plan for you assets to go after you pass can be as simple as requesting the appropriate form and listing a new beneficiary. If you had all of your assets going to your spouse, this can become tedious. Young children will not be able to receive an inheritance until they have turned 18, so you must select an adult to manage the assets until that point. This individual may abuse their duties, so it is in best interest to name a trust as a beneficiary then appoint a trustee. A trustee is liable for any abuse of assets in the trust.
If your spouse remarries or already has remarried, and there are not updates made to the estate plan, their spouse could end up with your assets. That is a large reason many people are quick to change where their belongings go.
Assistance In Estate Planning
The first time around of estate planning was a process, and now going through it again may confuse. With the assistance of an attorney, they can help you cover all the bases of completing legal documents including your will, life insurance policy beneficiary designations and irrevocable life insurance trusts, bank and brokerage accounts with “pay on death” provisions, and more. At Sean Cox Law, we have attorneys with years of experience in estate planning and family law. Read more on estate planning and how we can help you cover all the bases.