Whether your divorce is amicable, hostile or somewhere in between, it is essential that you review your estate plan with your divorce lawyer as well as your estate planning attorney. An estate plan offers many benefits, including saved time and money, and spared heartache. Below are three primary reasons why you should begin crafting or reviewing your estate plan today.
1. Estate plans control how your assets are divided.
Depending on the circumstances of your divorce, you will want to review whether your spouse will receive anything after you pass. Your lawyer can offer advice and help you adjust your estate plan in light of post-divorce circumstances. You are not obligated to grant your former spouse anything, but it is important to make sure that your estate plan reflects your new marital status.
2. Estate plans dictate who will be your children’s guardian.
When a family undergoes a divorce, it is essential to decide who will become guardian of the children. If you and your spouse are divorcing on equal terms, then perhaps you still want them to be the guardian of your children in the event of your death. If not, however, it is essential to make your wishes known in your adjusted estate plan. You and your former spouse may also need to discuss who should become a guardian if both of you are to pass.
3. Estate plans potentially save your family money.
Reviewing your estate plan with a divorce lawyer will not only spare your family future legal battles, but also save your family money. An estate plan goes further than a will and minimizes the probate process, including its expenses. A divorce is already full of troublesome processes and costs. Reviewing your estate plan now will save your family more time, money and trouble going forward.
Roughly half of Americans have a written will, and less than that number have an estate plan. During your divorce, you should take the time to sit with your lawyer and make or review an estate plan. With an estate plan’s many benefits, you can have a peace of mind, and your family will thank you.
Jeffrey R. Sport’s specializations include wills, estates and family law. Reach out to the office today by emailing info@sportlaw.us or calling (251) 308-1001.
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