Estate planning involves how your estate, or assets, will be passed on to loved ones after you die. Usually, this preparation is done with a will. If people die without a will, the government decides to whom they should allocate these assets. The consequences of leaving no will behind after a divorce or breakup can be significant.
Many people forget to make a will because they think of death as a very distant eventuality. However, many people die from simple accidents on a daily basis. If you’re going through a divorce and get into a car crash before the divorce is finalized, all your assets will go to your spouse and any children in the event of your death.
If you’re going through a divorce, make sure to have an estate planning law attorney prepare a will to distribute your assets to the people you care about. If you already have a will, get your old will revoked and replace it with a new will. Typically, a new executor will be chosen who will also serve as the funeral agent.
Also, prepare a power of attorney to choose someone to handle your finances and health decisions if you become disabled. Most people have their spouses listed as their power of attorney, but you do not want your ex to make decisions on your behalf, particularly after a bitter divorce.
Last, make sure to change all beneficiaries listed under your life insurance, stocks, bank accounts, and retirement accounts. If you have children, your children can be listed as the beneficiaries of most of these accounts. You can also set up a trust in the will so your children and grandchildren will receive funds when they hit a certain age.
Talk to one of our skilled Okaloosa County divorce attorneys about your case today. Chesser & Barr, P.A. can offer you experienced lawyers familiar with both family law and estate planning. Let us see what we can do for you.
Contact us at (850) 610-7471 or fill out our online form to schedule a case consultation with us today.