Divorce Guide: 10 Questions to Ask Your Estate Planner While Going Through a Divorce
Divorce can be an emotionally taxing process, filled with challenging decisions and complex legal matters. Amidst the emotional turmoil, it's easy to overlook the importance of estate planning during a divorce. However, consulting with an experienced estate lawyer can prove invaluable in ensuring your future financial security and protecting your assets. We rounded up 10 questions to ask your estate planner while going through a divorce - and why you should have these questions answered! By seeking professional guidance and understanding the intricacies of estate planning, you can empower yourself to make informed decisions that safeguard your interests and the well-being of your loved ones.
10 questions to ask your estate planner while navigating your divorce process:
Should I update my will and other estate planning documents? Determine whether your existing will, trust, or other estate planning documents need to be revised or replaced to reflect your changing circumstances and wishes.
How can I protect my assets during the divorce process? Seek advice on implementing strategies to safeguard your assets during the divorce proceedings, such as establishing trusts or reevaluating beneficiary designations.
Who should be the executor of my estate? Discuss whether changes need to be made to the executor designation in your will, considering the impact of your divorce on your chosen executor and their ability to fulfill the role impartially.
How should I address the division of assets in my estate plan? Understand the implications of your divorce on asset distribution and discuss strategies to ensure that your intended beneficiaries receive their designated shares.
Should I update my healthcare proxy or power of attorney? Inquire about the need to update your healthcare proxy and power of attorney to reflect your current wishes, especially if your former spouse was previously designated.
Who should be named as guardians for my children? If you have minor children, discuss the selection of guardians and consider any changes necessitated by your divorce, ensuring that the chosen individuals are still suitable and willing to assume the responsibility.
Can I establish a trust for my children's inheritance? Explore the option of creating a trust to protect your children's inheritance, ensuring it is structured to align with your intentions and address any divorce-related concerns.
How should I update beneficiary designations? Review and update the beneficiaries listed on your life insurance policies, retirement accounts, and other assets to ensure they align with your current wishes and post-divorce arrangements.
What impact does divorce have on my existing estate plan? Understand how your divorce affects previously established provisions, such as spousal inheritance or distribution of assets, and discuss necessary modifications to reflect your new circumstances.
Can you recommend any other professionals to consult during my divorce? Seek referrals to other professionals, such as family law attorneys or financial advisors, who can provide expertise and guidance on specific divorce-related matters.
Remember, each divorce situation is unique, and these questions may not cover all aspects of your estate planning needs. It is essential to consult with an experienced estate planner who can provide tailored advice based on your specific circumstances.