When going through a divorce, there’s one important document that shouldn’t be overlooked: the will. Often forgotten in an otherwise busy and overwhelming time, it’s important for anyone going through a divorce to have their estate plans taken care of before everything else is finalized.
Not only can it provide peace of mind during what can be a very stressful process, but getting your will finished sooner than later also has other beneficial implications for both you and your family.
Keep reading to learn why having an updated will should be towards the top of your list when going through a separation or divorce.
Protecting Your Assets
Divorce can be a messy process, and your assets may not end up where you want them to be. A will ensures that your assets are distributed according to your wishes and not based on the court’s decision or your estranged spouse’s wishes.
Simplifying the Process
Divorce is already complicated enough, and aside from hiring a family law attorney, a will can simplify the process of dividing your assets and property after you pass away. It eliminates the need to take the matter to court and makes the process more efficient and speedy.
With a will, you are in control of how your assets are divided. You can specify exactly how you want your assets to be distributed and to whom. This ensures that your wishes are respected and your hard-earned assets are distributed as you wanted them to be.
Ensuring Your Wishes are Honored
When going through a divorce, there are many things that need to be addressed, and creating a will may not be at the top of your to-do list. However, it is crucial to ensure that your wishes are honored even after the divorce process is over.
A will can provide clarity on how you want your assets to be distributed, who you want to care for any dependents, and who you want to make decisions on your behalf if you become incapacitated.
Creating a will during a divorce can give you peace of mind knowing that your wishes are documented and will be carried out, even if your ex-spouse may no longer have legal authority to do so.
Minimizing Taxes and Fees
Divorce can be a daunting process filled with tough decisions, but creating a will should not be overlooked. Not only does it provide a sense of security for your loved ones, but it can also minimize taxes and fees.
Leaving behind an estate without a will could end up costing your beneficiaries more in taxes and attorney fees. Planning ahead allows you to take advantage of tax exemptions and reduce or eliminate unnecessary expenses.
If you have minor children, an estate planning attorney can specify who will care for them with a will. This includes naming a guardian for your children if an unfortunate event were to occur.
A will ensures that your children are cared for by someone you trust and respect, and someone who you know will honor your wishes.
With a will, you can rest easy knowing that your hard-earned assets will be distributed according to your wishes and your family will be taken care of by someone you trust. Don’t let divorce put your financial future in jeopardy. Create a will today.