Filing for divorce is one of the most stressful and emotional events one can be in. Not only does divorce affect the emotional life of those involved, but also their financial present and future. This includes estate planning. Estate planning is a good way to ensure the future of yourself and your family, but a separation scenario like a divorce can shake things up. It is good to know that there are legal professionals out there who focus on estate planning, like the Arenson Law Group, PC. After all, it is not one of the simplest things to deal with. But how does divorce affect estate planning, specifically? Most of the issues involve beneficiary problems, like discrediting the ex-spouse and ensuring the inheritance of their children.
Revoking your will
If you have already written a will where you leave your property to the person of your choice, name an executor that will be needed when the time of passing arrives, and designate a guardian for children if necessary, it is time to revisit your decisions, because you probably don’t agree with them after a divorce. Getting a lawyer can help you write a new will and a living trust.
Ensuring your children’s future
While married, you may think that it is okay to leave everything behind to your spouse, trusting that the children will benefit from the assets as well. But on divorce, you don’t have that trust anymore, so the need to ensure that your children and them alone can benefit from your properties arises, especially if the ex-spouse is planning to remarry. Revisit your estate plan and make sure that your children will get your property and life insurance proceeds.
A divorced person typically wants to leave everything behind the surviving children and new spouse, and not having the proper estate plan documents can prevent that from happening. One such document is the premarital agreement, wherein provisions regarding a division of property after a divorce are placed. Without a good premarital agreement, you are prone to disinheriting your children and giving a significant portion of your assets to your new spouse.