5 Things to NOT Forget About Divorce and Estate Planning

When going through a divorce and considering estate planning, there are several potential issues and pitfalls to be aware of.

Some of the key problems to avoid include:

1.??? Failing to update your estate plan: If you have an existing estate plan that includes your ex-spouse, it's essential to update it to reflect your current situation. Otherwise, your ex-spouse could still inherit assets or be named as an executor or trustee, which may not align with your wishes.

2.??? Forgetting to change beneficiaries: You'll want to ensure that you've updated beneficiary designations on life insurance policies, retirement accounts, and other assets that pass outside of probate. Failing to do so could mean your ex-spouse receives those assets despite your divorce.

3.??? Ignoring tax implications: Divorce and estate planning can both have significant tax implications. Be sure to work with a tax professional, financial planner and estate planning attorney to understand how your decisions could impact your tax liability.

4.??? Not considering your children's needs: If you have children from your marriage, you'll want to make sure that your estate plan provides for them in a way that aligns with your wishes. This may include setting up trusts or other mechanisms to protect their inheritance.

5.??? Rushing the process: Divorce and estate planning are both complex processes that require careful consideration and planning. Rushing through either process could lead to mistakes or oversights that could have significant consequences.

Overall, working closely with a qualified estate planning attorney and financial planner is essential to make sure that your estate plan aligns with your wishes and reflects your current circumstances. By doing so, you can help protect your assets and ensure that your loved ones are provided for in the way that you intend.