When you’re in the midst of a divorce, you’re probably not thinking about estate planning or your will. However, if you’re divorcing, you should think about the impact a divorce can have on an estate plan.
While many people think that estate planning is only for the wealthy, experts say that’s not the case.
During your life you will likely accumulate money, property and other items of value. These are your assets. Taken together, these assets — also known as your estate — paint a picture of the wealth you’ve built over time. Rather than lose all you’ve built when you die, planning your estate ahead of time can help you preserve your wealth by transferring your assets to your children or other beneficiaries.
No one wants to face a large bill for a funeral when they are grieving the loss of a loved one. It’s far preferable, when possible, to make arrangements in advance, utilizing one or more of the following sources of funds.
When an individual purchases an annuity, they name one or more beneficiaries who will receive the benefits if something happens to them before the contract ends. This could be due to death, disability, or another event that would cause the individual to no longer need their income from the annuity. The ultimate beneficiary of an annuity is the individual receiving the payments. However, there can also be additional beneficiaries.
Estate planning is crucial to leaving your beneficiaries with your possessions as you intend.
When you’re in the midst of a divorce, you’re probably not thinking about estate planning or your will. However, if you’re divorcing, you should think about the impact a divorce can have on an estate plan.
In this article, we discuss seven specific ways that you can make life easier for your loved ones after you die.
Created to own and control a life insurance policy or policies while the insured is alive, Irrevocable Life Insurance Trusts (ILITs) are tools that are sometimes recommended by estate and planners.
If your beneficiary designations are out of date and you die without updating those designations, your assets could go the wrong people–a former spouse, for example–no matter what your will says.
All fields marked with an “ * ” are required
