Our clients all have unique pasts that need to be considered when drafting their estate planning documents. Many of our clients are newly married or newly divorced and want to make sure their assets and families are protected, given their recent life changes.
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After a divorce, it is essential to update your estate planning documents or work with your attorney to draft new estate planning documents.
First and foremost, your attorney will need to see your divorce agreement. Depending on the nature of your divorce, it may contain provisions that will impact your estate plan or have potential tax implications.
If you have minor children, you will likely want to create a trust for them. Otherwise, if you are deceased and your ex-spouse has custody, they will have control of the children’s’ finances until they turn 18. If you have a trust, you can select the trustee to control the money for your children according to your wishes .
If you previously had an estate plan done, it is likely that you selected your spouse to be your power of attorney. Now is the time to pick a new power of attorney for healthcare and financial decisions, if you become incapacitated.
Your trust may have been joint or appointed your spouse as trustee. It is essential to pick a new trustee that you would like to handle your assets.
It is likely your distribution section will need to be revised as well, so that your assets do not go to your spouse upon death.
Finally, if you are considering remarriage, it is essential that you have a prenuptial agreement in place. We help our clients to draft tailored prenuptial agreements prior to their marriage.
If you have recently gone through a divorce, contact Rickard & Associates today to make sure that your assets and future interests are protected. We will help to ensure that your documents are in accordance with your divorce decree and afford you and your assets the most protection.
Contact us today to help you get the right documents in place or to update your current estate plan. We will plan so that you don’t have to worry about your future.
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