Thursday, October 25, 2012
If You Get a Divorce, You Need to Do Estate Planning.
If you've gotten a divorce, you no doubt have had your fill of attorney bills and court appearances, even in the best of circumstances. But, just because your divorce is final, doesn't mean all of the legal issues arising from the divorce are neatly tied up with a bow. If you have significant assets and minor children, you want to set up a trust to manage the money for them. Perhaps even more importantly, through proper planning you can choose who manages the money. This is important if your ex isn't exactly your first choice. Another sticky issue could be naming a personal representative to wrap up your affairs. If your estate needs to be probated, which is likely if you own real estate, a personal representative will be appointed. Prior to the divorce, your spouse would have been first in line to serve in that capacity and the court's natural choice. Now that you're not married, the best person to serve may not be clear. Which adult-child/parent/sibling should serve? Proper planning can let you let the court know who you prefer. After all, after going through a divorce, you out of anyone knows the importance of trying to avoid a court fight. Planning now can help avoid that for your loved ones.