Whether due to divorce or death, you are now single again. Estate planning when divorced or widowed covers many changes.
You may have children and even grandchildren. In any event, you need to create (or revisit) your estate plan.
Estate Planning When Divorced or Widowed
A major concern should be incapacity. Did you know the law requires every adult American to make his or her own personal, financial and health care decisions? Who would make your basic decisions if you are legally incapacitated due to a serious injury or illness?
Unless you legally appoint the decision-maker of your own selection in advance through proper estate planning, then a probate judge will select one for you. The probate court process to accomplish this (referred to as a conservatorship) is lengthy and expensive, discloses your private personal and financial information to the public record, and is a real hassle for your loved ones.
Making Things Hassle-Free When You Pass Away
Did you know that in the absence of proper estate planning, your assets may be distributed after death based on “one-size-fits-all” state laws written for people who do not have their own estate plan? Of course, this impersonal estate plan written by state lawmakers may not reflect your own unique circumstances and objectives for your loved ones and assets. It also often involves a court process called probate, a burdensome, public, expensive process to transfer property out of deceased person’s name.
We’re Here to Help
Fortunately, we can help you avoid probate, plan for incapacity, and replace that impersonal, state-written, one-size-fits-all estate plan with one we design together for your unique circumstances and objectives. We even help you coordinate the beneficiary designations on your life insurance and retirement plans with your estate plan to avoid unpleasant, unintended consequences, and make sure everything flows together in an integrated fashion.
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