Estate Planning Considerations in Divorce
Has it crossed your mind what to do regarding any estate planning documents? You might need to modify some very important paperwork if you are divorcing. And it is much more favorable to consider these changes as soon as possible-like when you think you might be getting divorced. Waiting until after the divorce is processed may cause serious problems for you and your intended beneficiaries down the road.
The first step in estate planning modification would be to think about the people in your life. Who would you want to play certain roles should unforeseen circumstances arise? This is a very important decision so it’s crucial that you come to these decisions in a thoughtful way.
Another tip is to make sure you change your passwords to important accounts and email. Try to keep things like this private from here on out. And find out from an experienced professional what you can change and when regarding your estate planning. It’s important to make informed moves so you don’t run into trouble later.
The main estate planning documents you should be reviewing are: your will, life insurance policies, trusts, power of attorney and rights of survivor ship in your personal property. Your agreement may reflect that some of these kinds of documents be changed or edited in certain ways.
In many states there are protections in the law with regard to estate planning. For instance in Florida, in the case of an untimely death during the divorce process when all of the documents have not been edited yet-if the divorce is final the surviving spouse may not receive a disposition of any property or assets unless the agreement specifically says they do. There may be other protections put in place as well. If you would like more information please contact divorceharmony.com. We are here to help navigate this complicated but very important subject for you.