Soren – Estate Planning Considerations For Divorcing Couples
You thought you had it under control. You had carefully planned your life with your spouse, even set up trusts to take care of your estate while you’re gone. And then, out of the blue, divorce struck! Maybe you saw it coming, or not. But the question is – what happens to your estate?
Careful not to panic, as there is a way out of this rabbit hole. There are a few tactics that ensure you protect your interest in the course of the separation and divorce.
First, you need to understand your documents. That includes your will, health care proxy, insurance policies, prenuptial, and trusts you and your spouse must have opened. Now that divorce is inevitable, do you understand the changes that are about to take place? These changes will need to be updated on your estate plans.
In that case, it is a good time to work with one of our experienced attorneys. You need an estate planning attorney with sound knowledge and experience in the legal system.
If you don’t have a will yet, you need one as soon as possible. Because when you die without a will, officially called dying intestate, you’re giving up control on who gets what when you’re no more. When this happens, a large portion of your estate goes to your spouse.
But now, in the face of divorce, there is a need to update any advance Directive/Health Care Power of Attorneys or Durable General Power of Attorneys at your disposal naming your spouse agent. These are pretty powerful legal documents that give a third party the decision-making ability in your absence.
If you don’t have a trust, you can book an appointment with us to discuss the benefits of establishing one. When it comes to divorce, trust is an incredible tool for individuals with minor children, and shouldn’t be overlooked.
In that case, consider setting up a trust to take care of alimony and child support. if you’re no longer around, your children and heirs will continue to receive support.
The good news is you don’t have to lift a finger when you have an estate planner that is ready to review your divorce settlement to inspect for gaps. Your estate planner will uncover what happens to your estates, businesses, and assets, whether they are protected under federal law or state law.
We understand that estate planning is a difficult subject to discuss, especially when triggered by divorce. To ensure you don’t make any mistake that puts your interest in jeopardy, you must work with an estate planning attorney.
We have been in the legal system for decades, and we understand every intrinsic aspect of the law regarding estates, especially in the event of a divorce. Do give us a call or fill out the contact form to begin this process.