Estate Planning and Family Law: What You Need to Know
Divorce can be a complex and emotionally challenging process, particularly when it comes to issues such as child custody, property division, and support. However, there is one crucial aspect that is often overlooked during a divorce: estate planning. When going through a divorce, it is essential to consider how the separation will impact your future estate planning needs. This post will explore the importance of estate planning during a divorce and what you need to know.
Importance of Estate Planning During a Divorce
Estate planning involves creating legal documents that outline how you would like your assets to be distributed after your death. These documents include a will, trust, power of attorney, and healthcare directive. Going through a divorce can significantly impact your estate planning needs and strategies.
For instance, if you have children, you may need to update your estate plan to ensure that your assets are distributed to your children as you intended. You may also need to update your beneficiaries on your life insurance policies, retirement accounts, and other assets.
What You Need to Know About Estate Planning During a Divorce
One of the most critical aspects of estate planning during a divorce is updating your will. If you do not update your will after a divorce, your ex-spouse may still be entitled to a portion of your estate. It is also important to update your beneficiaries on your life insurance policies, retirement accounts, and other assets. You do not want your ex-spouse to receive your life insurance payout or inherit your retirement accounts.
Another critical aspect of estate planning during a divorce is updating your power of attorney and healthcare directive. These documents allow you to appoint someone to make financial and medical decisions on your behalf if you become incapacitated. You may need to update these documents if your ex-spouse was your appointed agent.
Working With an Estate Planning Lawyer During a Divorce
Divorce and estate planning can be complicated processes. Working with an estate planning lawyer can help you navigate these processes and ensure your estate planning needs are met during and after your divorce.
An estate planning lawyer can help you review your existing estate plan and make updates as needed. They can also assist you in creating new legal documents, such as a will or trust. Additionally, they can help you navigate the probate process and ensure your assets are distributed according to your wishes.
Peace of Mind
If you are going through a divorce, it is highly recommended that you consider hiring Strategic Divorce to assist you with your estate planning needs. Their team of experienced estate planning attorneys can help you update your estate plan, review your beneficiary designations, create trusts, and provide guidance on how to protect your assets during and after the divorce process. By working with Strategic Divorce, you can have peace of mind knowing that your estate planning needs are being taken care of and that your wishes will be carried out in the future. Contact Strategic Divorce at (847) 234-4445 or visit their website to schedule a free consultation and learn more about how they can help plan your future.