Postmarital Planning (Wills, Living Trusts and Probate)
Divorce changes everything – and this includes all those plans for the future you made long ago, in happier times.
It’s important as part of your divorce process that you also deal with making new, alternative plans for the future events. This includes such things as estate planning, living wills, etc.
Last Will and Testament
You’ll want to change your will to reflect the divorce. What is your will? It is a legally binding document that decides how your property and assets will be distributed after your death, and it names who will be guardian for your minor children in the event that you aren’t there to parent them.
Your last will and testament protects your family's future in the event of your death, establishes the guardianship of your minor children as well as the distribution of your assets. The divorce is a change in circumstances that mandates a change in your current will. The divorce will probably change the extent of those assets, who you may want to be guardian of the kids, who will be executor, etc.
Estate Planning and Living Trusts – Protecting Your Assets
Likewise, as part of the divorce process, your property is being realigned and your long term financial strategies must reflect that change. During the divorce process, estate planning, living trusts and other methods of protect your assets and minimizing taxes should be considered and implemented. Usually, spouses name each other in powers of attorney, medical directives, and the like and these will probably need to be reviewed and altered as part of the divorce process.
Life insurance is not part of one’s estate upon death, unless you have named your Estate as beneficiary of the policy. However, it is important as part of the divorce process to make sure that all policies are reviewed for adequacy of coverage, and that any changes in beneficiary are promptly made.
If you wish to review your estate planning goals, revise or review your Last Will and Testament, as well as other estate or probate documents, the Law Offices of Michael Granada can be of assistance. Please feel free to call and schedule a paid initial consultation at your convenience.