Take Care of Estate Planning Before Your Divorce is Final

PROVIDENCE, RI, August 10, 2012

How should divorcing couples address estate planning? There are many things to do when going through a divorce, and even the most amicable couples may be tempted to put off dealing with wills, life insurance and other aspects of estate planning. However, if at all possible, don't succumb to this temptation, as anything could happen. Your children or a new spouse could be left with much less than you intended because you died before changing your estate plan.

Estate Planning Issues During and After Divorce

Here are some things you should think about as you go through the divorce process:

- Does my will still reflect how I wish to distribute my estate? Do I even have a will? If the answer to either of those questions is "no," make an appointment with an estate planning attorney. In many states, if you are not yet divorced and do not have a will, your spouse will automatically receive a significant portion of your estate. Moreover, if your spouse is designated as the executor of your will or administrator of a trust, you will probably want to change this.

- Are my life insurance beneficiaries appropriate to my divorced state? Many of us don't even know exactly what life insurance policies we have. Now is the time to find out and to make sure that the beneficiaries reflect your change in circumstances and protect your children and current spouse. Some experts recommend that spouses take out life insurance policies on the ex, especially if the ex is paying alimony or child support. If the payor spouse does not have significant assets, this is the best way to protect child support and alimony.

- What about retirement plan beneficiaries? If you have a pension, 401(k), IRA or other retirement plan, be sure to change your beneficiaries - most married individuals automatically name their spouses.

- What if you are a beneficiary of another's will or trust? If your siblings or parents have named you in their estate plans and you predecease them, your soon-to-be ex-spouse could receive an inheritance. Ask your relatives to amend their estate planning documents. An estate planning attorney can advise them about the best approach to changing their beneficiaries.

- While you're making all these changes, you should also take a look at your health care proxy and medical directives. Do you want your ex making decisions about your health care or treatment options at the end of life?

You may be overwhelmed by your divorce, but spending a little extra time now to deal with these important issues can you save you stress later on. Don't put it off.

Article Provided By:

Patriot Law Group Rhode Island
Attorney Irwin Pollack
for more information please visit: www.patriotlawgroupri.com