Life can be very unpredictable. For married couples, planning your estate can be wise. It’s not being pessimistic, it’s being smart.
Estate planning is planning out how things will be sorted out in the event that you die or become indisposed. It’s pretty much like making your will with a number of extra details. It usually covers things like who inherits what, who gets special powers of attorney, details of certain documents, and accounts. It is much like a contingency plan. The purpose is to help your loved ones have an easier time going about things during a misfortune.
While many estate plans look at what to do if you were to pass away or become indisposed, they do not account for the event of a divorce. What happens then? Usually, any provisions for your spouse end up becoming void. But you are allowed to change your estate plan if ever you are in the process of getting a divorce. If you did consider a divorce, though, the provisions you made will then be followed.
What to Do?
Well, one thing that you can do is have someone like an estate planner help you through it. That way, any and all technicalities can get addressed and sorted out. Remember to also keep in mind who you want to keep as your life insurance beneficiaries. During a divorce, you can choose whether or not to keep your spouse and your children as health insurance dependents. If it’s also needed, you can also make a provision for child support and other financial support.
While the thought of getting divorced might seem farfetched to you, it would still be good to have an idea of what to do for these kinds of things. At least, if ever you find yourself in this situation, you won’t be clueless in terms of what you should do. This saves everyone a lot of time and avoids any hassle that might come along.
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