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Estate Planning During Separation & Divorce




There are several issues to consider immediately following divorce as it relates to your estate plan. Typically, you will want to disinherit your ex-spouse.

 

The first item to visit concerns beneficiary designations. Following a divorce, the items below should be reviewed and amended:

 

-         Retirement plan beneficiary designations

-         Life Insurance beneficiary designations

-         Other items that may include Payable on Death (POD) designations such as joint accounts, investments, annuities and health savings accounts

 

The next items to review and amend are your Last Will and Testament, Trusts, Durable Power of Attorney, Healthcare Power of Attorney and Advance Directives. Read over each one thoroughly to ensure that your ex-spouse is no longer a beneficiary, trustee, agent or executor of any of your estate planning documents.

 

Below is a quick checklist to review immediately post-divorce:

-          Will and/or Trust reflects current wishes

-          Financial Power of Attorney is updated and ex-spouse is no longer named as an agent

-          Healthcare Power of Attorney is updated and ex-spouse is no longer named as healthcare agent

-          Guardianship of minor children is updated to reflect your current wishes.

-          Beneficiary designations are reviewed and updated on all life insurance policies, retirement accounts, POD/TOD accounts and annuities.

-          Both your divorce attorney and estate planning attorney review all documents to ensure they are all worded consistently. Specifically, check to make sure any prenuptial, postnuptial or separation agreements do not contain language that conflicts with your estate planning documents.


IMPORTANT! When you first get separated, estate planning may be the last thing on your mind, but this is a critical time to reach out to an estate planning attorney. There are ways to create plans during this stage that can be modified later once all the issues of the divorce are resolved. At Estate Planning NC, we do not charge you twice. We understand that there are certain things that need to be done during separation that will likely need to be reviewed and modified once the divorce is final. Contact us to learn how we can help you without the worry that you will pay to plan twice.


Our Process: 

You will receive an email with a questionnaire link. Complete and submit prior to your consultation and the $350 fee will be waived.

Meet with an estate planning attorney and learn all the different strategies that can help you achieve the outcomes you desire.

Choose your plan based on your budget.

Pay half of the plan fee and schedule your legacy interview and signing ceremony.

At signing, pay the balance owed and get your plan along with the peace of mind knowing you protected everything you own and everyone you love! Schedule Now!

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