Going through a divorce or separation is challenging on its own. If you don’t take a look at your estate plan, you could find yourself adding insult to injury if these documents need to be called on. Shannon McNulty, New York Lawyer shares what divorced parents, or those separating need to know about estate planning.
Protecting Your Stuff and Protecting Your Kids
An estate plan is important for any parent, but especially when you’re divorced or separated, you want to make sure that you, your money, and your children are protected in the way that you want. Keep in mind that we don’t recommend tackling these documents yourself- there are many nuances when dealing with an estate plan as a divorced, divorcing, or separated parent, and you want to make sure all areas are addressed (including changing beneficiaries on items like your 401K!).
Guardianship as a divorced parent
Guardianship is something parents give much thought to when married. In most cases, if something happens to you, the other biological parent will care for the children. However, when you’re divorced, there may be circumstances where this is not in the best interest of the children, which is why working with a lawyer can help you set yourself and your children up in a way that is best for them.
As a divorced or separated parent, you likely no longer have your spouse to rely on, so your estate plan takes on even more importance. Make sure that you take the time to revisit or create these documents if you’re going through a divorce or separation, and take care of it sooner rather than later.
Resources mentioned
Check out our podcast on living trusts
Learn more about guardianship
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