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Estate Planning And Divorce: Why You Need To Update Your Plan
Louane Dumont
Divorce is a challenging experience that can drain you emotionally and financially. However, once the dust settles, you need to reflect on the practical aspects of your life which may have been affected. One such area is estate planning, which may require significant adjustments following a divorce.
Most people tend to overlook estate planning, assuming that the divorce settlement agreement covers everything. This article discusses why you need estate planning after a divorce and the benefits that come with it.
To Secure Your Assets
Generally, a divorce settlement outlines the division of assets between two parties. However, several legal implications may arise when one party dies without a will following the divorce. Estate planning after divorce is crucial in ensuring your assets are distributed according to your wishes.
You might want to consult an estate planning attorney to help you update your will, trust, or beneficiary designations. This ensures that your assets are distributed as per your desires toward the right beneficiaries, whether it be your children, family members, or charities.
To Appoint Guardianship
If you have children, estate planning after divorce ensures that you can appoint a guardian for them. During a divorce settlement, the custody of children is often determined.
However, if you die without declaring a guardian, your child's fate might be in the hands of the court. Without an estate plan, the court will have to appoint a guardian for your child by basing their decision on a series of factors that may not align with your desires. Estate planning after a divorce can ensure that your child is assigned a guardian that you trust and is willing to look out for your child's best interests.
To Maintain Control Over Healthcare Choices
An estate plan does not just cover assets and children — it also includes end-of-life decisions. After a divorce, your divorcing spouse may have had a significant say in your healthcare decisions.
Having an updated estate plan ensures that you've explicitly spelled out your medical care preferences, including whether you'd prefer life-sustaining treatment, palliative care, or hospice care. Divorced couples may also consider naming a healthcare power of attorney who'll be responsible for making medical decisions if they're incapacitated.
Having your estate plan in order after a divorce is essential to protect yourself, your property, and your children. Estate planning after a divorce may seem like an added expense that you don't want to invest in, but it offers invaluable security and peace of mind. Don't leave the fate of your assets and children to chance — ensure you have a plan in place to protect them.
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