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Remember Your Estate Plan When Getting Divorced

Posted by Unknown | Feb 22, 2021 | 0 Comments

remember your estate plan when getting divorced

Drama Free Divorce is your guide regarding your estate plan when getting divorced. Our affordable financing options start at $500 per month and our flexible payment schedule makes the divorce financially manageable - our pricing structure provides a straightforward pricing model without hidden or unexpected charges.

Our service offers you a unique advantage by forgoing court appearances altogether, relieving you of the stress and inconvenience of legal proceedings. Our team of lawyers is highly qualified and compassionate- understanding your situation's difficulty while offering professional and considerate support.

Divorce can drastically impact both you and your estate plan, including its executor or trustee. In this article we'll examine its effects on estate plans as well as how to proceed during and post-divorce, why it is wise to hire legal assistance, and when choosing the best legal representative is crucial - all while introducing our firm as an experienced partner who can guide you through this challenging journey.


How Does Divorce Impact Estate Planning?

Divorce can be a life-altering event that necessitates changes to your estate plan, among other aspects. Let's examine how divorce affects estate plans.

  • Beneficiaries Designations: One of the key aspects of estate planning involves selecting beneficiaries for assets. You may need to reevaluate them after going through a divorce if you were previously the primary beneficiary.
  • Guardianship: When making decisions about guardians for your children if something happens to you, such as divorce or separation, it's crucial that the estate plan reflects this change. It is therefore necessary to review this section regularly.
  • Power of Attorney: Divorce can wreak havoc on your decision regarding medical and financial power of attorney. Your ex-spouse may no longer want to make important decisions on your behalf.
  • Asset Distribution: When going through a divorce, asset distribution may change drastically. You may wish for it to go towards your children, family members, or charities as desired.


What Should You Do With Your Estate Plan If You Get Divorced?

Plan your estate so that you can enjoy peace of mind as you navigate the tricky waters of divorce. Consider:

  • Wills are crucial documents that establish how your assets should be distributed upon divorce. As such, it's crucial that these be updated after separation to reflect current desires.
  • Make sure beneficiaries are up-to-date after divorce. Ensure you have designated beneficiaries for all of your financial accounts, insurance policies, and contracts that match up with your wishes after divorce.
  • If your ex-spouse was serving as your executor, it's wise to appoint a neutral person who can carry out your wishes in an impartial fashion.
  • Revision of trusts to include new beneficiaries and exclude your former partner is sometimes necessary.
  • If you have children, it is wise to reevaluate the choice of guardian. Make sure it serves their best interest while your relationships with potential guardians align well.


How to Update Your Estate Plan After Divorce?

Updating your estate plan after divorce may be challenging, but it's essential that your wishes are accurately represented. Here's a step-by-step guide that can help.

  • List Your Assets: Create an inventory of all of your assets, from real estate and financial accounts to personal property.
  • Consult an Attorney: Seek legal advice from an estate planning lawyer experienced in estate planning to guide the entire process and ensure all legal requirements are fulfilled.
  • Review Beneficiary Designations: Review and amend beneficiary designations on all life insurance policies, retirement plans and investment accounts regularly to keep them accurate.
  • Revamp Your Will: Adjust it as necessary to reflect changes to your asset distribution preferences, guardian selections or executor appointments.
  • Make Your Healthcare Directives Specific: Adding a healthcare proxy and living will allow you to specify your medical preferences more easily.
  • Revision Trusts: If you already have trusts established, speak with your attorney regarding any necessary modifications that need to be made.
  • Update the Power of Attorney: Appoint new individuals as your financial and medical representatives, making sure that they are capable and trustworthy.
  • Communication of Changes: To avoid confusion or potential disputes in the future, be sure to notify all beneficiaries, executors, and guardians of any modifications you've made to your estate planning documents.
  • Regularly Review: Estate planning should be an ongoing process. Review it frequently after major life events like marriage or the birth of children, when making major adjustments and revisions.


Why is hiring a divorce attorney better than going without one?

Divorce can be an intricate legal process. Hiring an attorney who specializes in this area can make all the difference - here's why:

  • Legal Experience: Divorce lawyers possess in-depth knowledge of family law and can protect your rights during the entire divorce process.
  • Objective Advice: Lawyers offer impartial guidance that can assist in making informed choices during difficult times.
  • Negotiation Skills: They possess the capabilities necessary to negotiate on your behalf when it comes to dividing assets, determining child custody arrangements, or negotiating alimony payments.
  • Paperwork and Documentation: Attorneys offer an invaluable service, helping reduce stress while making sure everything is completed accurately.
  • Mediation and Settlement Negotiations: Our mediators will lead you through the mediation or settlement negotiation processes to help save both time and money by avoiding lengthy and expensive trials.
  • Legal Representation and Protection: Should any dispute arise, an attorney can represent and provide legal protection to both sides.


When should an attorney be hired?

Hiring the appropriate divorce lawyer at the right time is of utmost importance, so make sure that these factors are taken into consideration before hiring one.

  • Complexity of Assets: If you possess significant assets such as businesses or investments, consult an attorney immediately.
  • Child Custody: If child custody becomes contentious, an attorney can help guide you through legal complexities while advocating for your parental rights.
  • Spousal Support: Calculating alimony and maintenance payments can be complex. Hiring an attorney to assist can ensure an equitable solution.
  • High-Conflict Divorce: An attorney may serve as an intermediary and facilitate communication by acting as a mediator in high-conflict divorce cases.


How can I select an effective attorney?

Selecting an experienced divorce lawyer is key. Here are a few criteria you should keep in mind when making this important decision:

  • Experience: When selecting an attorney, look for those with extensive knowledge in family law and divorce cases.
  • Reputation: Ask for referrals and reviews online in order to ascertain a lawyer's reputation in the legal community.
  • Communication: Make sure the attorney you select excels at communicating clearly and listening attentively when listening to what you have to say while offering clear explanations.
  • Fees: Understanding your attorney's fee structure and making sure it fits within your budget are both key components to successful representation.
  • Compatibility: Select an attorney whom you feel confident sharing personal details and working with.
  • Strategist: Make sure that the strategy of your attorney fits in with your goals.


Why Choose Drama-Free Divorce?

Drama-Free Divorce provides expert legal guidance during divorce proceedings, estate planning, and other adjustments. We fulfill all the requirements necessary to become an exceptional divorce attorney.

  • Experience: Our attorneys have many years of experience practicing family and divorce law.
  • Reputation: Our clients have awarded us with high praise for consistently producing exceptional results while upholding ethical practices.
  • Communication: At our center, open and honest dialogue is of utmost importance in order to keep all parties involved informed and involved in decision-making processes.
  • Fees: Our transparent fee structure makes sure that you understand all costs involved and we work to establish a payment schedule tailored specifically to fit into your budget.
  • Compatibility: At our firm, we believe in building meaningful relationships with clients based on empathy, trust, and respect.


Suggestions for Action

Divorce and estate planning can be complex processes, by following these steps you can regain control.

  • Consult a Lawyer: Speak to an experienced divorce lawyer regarding your options and situation.
  • Review Your Estate Plan: Consult an attorney about reviewing and updating your estate plan post-divorce in accordance with your wishes and needs. Make any necessary modifications according to what has transpired since.
  • Collect Financial Data: Collect documents such as bank statements, tax returns, and property records in order to gain the financial information that you require.
  • Communicate Open and Honest: Be open and forthcoming when speaking to your attorney regarding all details pertaining to your divorce case.
  • Prioritize Yourself: Divorce can be emotionally exhausting, so seek support from family, friends, or a therapist during this difficult period.
  • Plan Your Future: Be proactive about planning for the future after your divorce and consider both your own finances as well as that of your children's well-being.
  • Stay Informed: For active participation in your case, it is crucial that you educate yourself on the divorce proceedings in your state. Keeping informed means making an effort to become familiar with each step in the divorce process and becoming involved as part of its outcomes.

Divorce can be an emotionally challenging journey that impacts every aspect of your personal and professional lives, including estate plans. By following these guidelines during this transitional phase, you can protect your rights while making sure your estate plan reflects current situations and wishes. Remember, having access to skilled legal representation may make the difference when it comes to reaching an equitable and fair resolution. Contact us today at 816 615-5555 or send us an email on our Contact Page.

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