Taxation & Estate Planning

See first post in the series here.

You are nearing the end of your divorce, the final hearing or settlement is in sight.  The last thing you want to do is hire another attorney, write another check out of your bank account which may have taken quite a hit during the divorce.  But, you must.  You need to see an estate planning attorney, to make sure that those things you fought for in the divorce are protected, and that your wishes are honored.   And, rest assured, visits with an estate planning attorney do not involve any court visits, there are no "opposing parties" and generally estate planning attorneys do not charge by the hour. 

You should meet with your estate planning attorney to form your plan before the final divorce hearing, so that the documents can be signed as soon as possible after the final hearing.  This is because during the 90 days after the final hearing, you are still married, and if you pass away during this time without a new plan in place, your soon0-to-be-former spouse could inherit everything.

After your divorce, in addition to signing your new estate planning documents, you should also make sure that you have changed the beneficiaries on any life insurance policies, 401(k) plans, IRAs, and any other accounts that may have had your former spouse listed.  If you have set up a trust, your estate planning attorney can assist you in making sure that the trust is properly named as the beneficiary of these accounts.