For many people, the decision to end a marriage can be a very tough one to make. Outside of a custody battle, property division and hard feelings, there are other issues that may arise in the wake of a divorce. For example, your estate plan may be impacted by the end of your marriage in various ways, and even though you may feel as if you have already been through enough recently, handling these matters promptly is vital. In this post, we will look over some of the different ways in which divorce affects estate plans.
Creating an estate plan can be a tough decision for a variety of reasons, and people often struggle with unique issues depending on their circumstances. For example, some may need to include children in their estate plan, while others may have no kids but a significant amount of wealth. Making decisions related to beneficiaries can be one of the most challenging aspects of estate planning. Even once you know which type of estate plan to move forward with, you may have no idea how to distribute your assets among those who are close to you.
If you have assets and property in your name, you should have an estate plan in place in the event of your death. Additionally, your estate plan should be free of common mistakes and oversights, which can impact whether your final wishes are carried out. To help you create a valid and legally binding plan, Forbes offers the following tips.
There are all sorts of considerations when it comes to creating an estate plan, whether you plan to set up a trust or create a will. Protecting your assets includes ensuring that they will be distributed among those you love in accordance with your wishes. However, there are many different issues to consider with respect to beneficiary designations. For some people in Cape Coral and across the state of Florida, naming beneficiaries and deciding how to split up their estate can be relatively straightforward, while others may struggle with difficult decisions.
A power of attorney allows another to make financial and health decisions at times when you are unable. This could be due to injuries suffered during an accident or while battling a disease. It is often impossible to predict when an individual would need an agent to act on his or her behalf. As such, it is wise to have power of attorney documents as part of a well-balanced estate plan.