Make Estate Planning Your First Step after Divorce
Monday, July 6th, 2009 at 9:27 am
The last thing that people want to do after a divorce is to consult another attorney. But regardless of your age and whether you have kids or not, it’s important to consult legal and financial experts to ensure that your financial plans and estate are updated in terms of reflecting your new circumstances.
So if you’re not working with an estate planning attorney or financial consultant during your divorce, it’s time for you to do it now. A financial planner will look at your finances. Your expenses as a new single individual can grow unexpectedly; a financial planning professional helps you compare strategies and review your new savings and spending needs.
Also, talk with an attorney that has numerous experiences in real estate. If you plan to remarry one day and you have kids, make sure that your specific assets will go to them (guaranteed) when you die. This is because some cases happen when the ex-spouse may automatically gain full control of assets earmarked for your kids. Of course you don’t want this to happen - that’s why you must plan for it legally.
If your children are still minors, it would also be wise to plan the guardianship for them. Especially when there are wealth issues that’ll only become effective when they reach adulthood, it’s critical to establish a solid and efficient legal structure to distribute those assets.
Tags: attorney, Divorce, estate, Estate Planning, estate planning attorney, experts, financial, financial planner, legal, minors, plans