How Can Divorce Affect Your Estate Plan? Part Two

Welcome back. For those going through a divorce, you might be wondering how to go about estate planning in Cary NC and updating your plan. Over the course of this blog series, our lawyer will talk about this. If you have questions, be sure to contact our office.

Once the divorce has gone through, you will need to begin revising your estate plan. You can work with a lawyer to revise the components, such as the will, or you can start over with a new one. Your will is the document where you have designated who gets your property and who will be guardian of your children.

Designating Guardianship | Estate Planning in Cary NC

One of the most important parts of estate planning in Cary NC, if you are a parent, is deciding who will be the guardian of your children should you die or become incapacitated. In most cases, you would probably want your former spouse to have custody, but not all situations are that simple. You could have divorced your spouse and sought full custody and rights of the children because the other parent is not capable or willing to be a good parent. In that case, you will probably want to make sure someone you trust will have guardianship.

If you feel a judge may not agree with your decision to leave the children with someone other than the surviving spouse, you can include a letter of explanation as to why your choice is the best decision for your children.

Be sure to have a conversation with the person, or persons, you choose to make sure they will want to take on the responsibilities. If you leave a trust or benefits from a life insurance policy to your children, you will need to decide if you want the guardian to handle the financial aspects. Alternately, you can name someone else to handle finances to ensure your children are taken care of financially.

Stay tuned for the next post in this series on estate planning in Cary NC after divorce.

Klish and Eldreth, PLLC | Estate Planning in Cary NC

An attorney who knows about estate planning in Cary NC will be able to review your situation and provide the best solutions that will meet your needs and will also be legally sound. He or she may also suggest other things that you may not have considered before, such as creating a durable power of attorney or a healthcare directive to give guidance in situations where you may not be able to make decisions on your own anymore. There are many facets to an estate plan. Klish and Eldreth can talk with you about your situation and help guide you in creating a plan that meets your needs. Contact us, today.

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