Every Divorcing Client Needs Estate Planning

In short, if you’re getting a divorce, it’s important to see an estate planner. This will help make sure that your assets and plans for the future are in order. If you don’t have a plan in place and something happens to you during the divorce process, your family might face complications. Even if you don’t have any existing estate planning documents, it’s important to take this step now. If you don’t have a plan for what happens to your stuff when you die, you need to talk to a lawyer. In Florida, if you’re getting a divorce but you don’t have a will, your spouse could still get all your stuff if you die. So it’s important to meet with a lawyer to make a will and decide what happens to your things after you’re gone. When a couple is getting a divorce, they need to think about who will get their belongings if one of them passes away. They should talk to their lawyers about their joint assets and decide if they need to make any changes. They also need to think about any retirement accounts or life insurance policies they have, and decide if they want to change who will get the money if they die. If they made a will or trust when they were still married, they probably want to change it now that they’re getting divorced. They should talk to a lawyer to make sure their things will go to the right people after they die. If you’re getting a divorce, it’s important to talk to a lawyer about your will and any trusts you have. In Florida, even if your spouse tries to cut you out of their will, you may still be able to claim a portion of their estate. This law applies to all their assets, not just what’s listed in their will. However, there are ways for them to limit what you can claim, like putting assets in a trust for someone else. It’s important to talk to a lawyer to figure out the best way to handle this situation. If you are getting a divorce and have children, it’s important to update your will and make plans for your assets. This is especially important if you don’t trust your soon-to-be ex-spouse or have concerns about their ability to care for your children or manage your money. It’s best to do this as soon as possible to make sure your wishes are carried out. When parents get divorced, the estate planner’s ability to help with custody issues is limited. In most cases, if one parent dies, the other parent will likely become the guardian of the children. However, it’s still important for the parent to name alternate guardians for their children in case the other parent can’t serve as guardian.

When it comes to money and property, most parents don’t want their ex-spouse to have control over it if they die. They should consider setting up trusts for their children and naming people they trust to manage the money for their kids. If you don’t want your former spouse to have control over your children’s money, it’s important to create trusts in your estate planning documents. This will also help avoid costly and time-consuming guardianship proceedings. Without trusts, the money will be controlled by a judge and your kids will get it all at 18, which may not be a good idea. If you’ve never managed a lot of money before, it’s a good idea to meet with professionals who can help you with estate planning and managing your newfound wealth. Your family lawyer can work with an estate planning lawyer to help you through this process. In summary, it’s important for people going through a divorce to also update their estate planning. Their lawyer should advise them to see an estate planning attorney to address their changed circumstances and objectives. Estate planning is a crucial concern in divorce cases and should be addressed immediately. Jeffrey A. Baskies is a lawyer who specializes in estate planning. This summary comes from the Family Law Section of The Florida Bar.

Source: https://www.floridabar.org/the-florida-bar-journal/every-divorcing-client-needs-estate-planning/