Estate Planning for Divorced and Separated Parents01/25/2021 | http://www.thesavvyparent.us/podcast/estate-planning-for-divorced-and-separated-parents/
As featured on The Savvy Parent podcast, estate attorney Shannon P. McNulty shares her thought on estate planning for divorced parents. Going through a divorce or separation is challenging on its own. If you don’t update your estate plan, you could find yourself adding insult to injury. Shannon shares what divorced parents, or those separating need to know about the effects on their estate planning.
Protecting Your Stuff and Protecting Your KidsAn estate plan is important for any parent, but especially when you’re divorced or separated. You need to be certain that you, your money, and your children are protected. Keep in mind that we don’t recommend tackling these documents yourself. There are many nuances when dealing with an estate plan before, during or after a divorce. You want to make sure all areas are addressed, including changing beneficiaries, so that your assests are protected for your children and do not end up in the hands of your ex!
Guardianship as a divorced parentGuardianship is something parents do not give much thought to when married. In most cases, if something happens to one parent, 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 your children. That is why working with a lawyer can help you set yourself and your children up in a way that protects the should the worst happen.
As a divorced or separated parent, you likely no longer have your partner to rely on, so your estate plan needs to be ready to address the important issues. Make sure that you take the time to revisit or create these documents if you’re going through a divorce or separation; sooner rather than later.