Bill Gates got divorced, and the news has got people talking about the process of divorce and how the various aspects of life vary with it.
One thing is for sure; people got to reshape their plans for the future as they navigate through the new journey of their life.
Did you know that divorce can impact estate plans as well? Yes, you read that right. Divorce and estate planning go hand in hand. It is definitely something you must know.
Life Insurance
Life insurance can play a crucial role for couples considering alimony and for the ones with younger children.
Pensions
Divorce and estate planning often take a toll on the terms of pension since people forget to update the pensions for their single life. You might have had opted for a “joint and survivor annuity” and would want to transfer your assets to the right beneficiary.
Power of Attorney
A common practice is that people appoint their spouse under the power of attorney. This gives them the right and responsibility for making decisions regarding finance and healthcare. However, if you are going through a divorce, make sure that the power of attorney is given to someone other than your former spouse.
Titling Real Estate
If a couple was previously owning a property or bank accounts jointly, now is the time to retitle the ownerships so that the real estate does not get affected under divorce and estate planning.
Wills
Another significant thing to ensure is that the terms of your wills are revised and updated to avoid any future discord.
Contact a Knowledgeable Attorney
If you are going through a divorce or want further information and assistance in this regard, feel free to contact Keystone Asset Protection and Estate Planning today. A knowledgeable estate planning attorney is all you need in this crucial time.