Why You Must Have a Trust & Estate Plan Post Divorce with Laura Cowan | S1, Ep. 12
Jun 3, 2021
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Laura Cowan, an expert in trust and estate planning post-divorce, discusses the importance of updating estate plans to protect assets from going to ex-partners. The podcast highlights the necessity of establishing or updating key documents like wills, trusts, healthcare proxies, and powers of attorney for peace of mind and security. It emphasizes the benefits of having a trust over a will and tailoring plans to be state-specific to prevent conflicts and ensure flexibility.
Estate planning is essential post-divorce for asset protection and desired beneficiary distribution.
Update estate planning post-divorce to exclude ex-spouses, name guardians for children, and consider trusts.
Consult with an estate planning attorney for comprehensive understanding and regular updating of legal documents.
Deep dives
Estate Planning Basics: Importance for Everyone
Estate planning is not just for the wealthy but essential for everyone to ensure that their loved ones are taken care of in the event of disability or death. Regardless of financial status, estate planning aims to make the transition easier and less costly for family members. It involves decisions on asset distribution and care preferences, with particular emphasis on avoiding complications and minimizing disputes.
Unwinding Previous Estate Planning After Divorce
After a divorce, individuals need to review and revise their estate planning to reflect their new circumstances. It is crucial to update documents to exclude former spouses as beneficiaries, executors, or decision-makers. Naming guardians for minor children and managing their inheritances appropriately are key considerations after divorce.
Trust vs. Will: Choosing the Best Option
While wills are common, trusts offer additional benefits such as avoiding probate court and providing more control over asset distribution. Trusts can be particularly advantageous in preventing disputes and ensuring delayed inheritances for minor children. Regularly updating estate planning documents is essential as life circumstances change.
Importance of Discussing Estate Planning with a Professional
Consulting with an estate planning attorney is essential to comprehend the intricacies of wills, trusts, power of attorney, and related legal documents. Professionals recommend thorough planning to address specific family circumstances and financial goals. Regular reviews of estate plans guarantee that documents align with personal preferences and legal requirements.
Accessing and Sharing Estate Planning Documents
Having easy access to estate planning documents, such as wills, trusts, health proxies, and power of attorney, is crucial in emergency situations. Providing copies to trusted individuals, storing documents securely, and ensuring accessibility in medical records can help ensure that wishes are followed and decisions are made efficiently in times of need.
Everyone needs trust and estate planning when getting divorced - even you! It's not about how much money you have, but protecting what you do have so it goes to the people you want, and not your ex. We've got all the do's and don'ts. (Guest: Laura Cowan)
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