When you are married, most decisions are made jointly. Which house to buy, where to vacation, and how to invest your money are high on the list of things couples decide together. But, after the marriage ends, those decisions are now yours and yours alone. If you have children, you will want to update your will and other estate planning documents to reflect your new single status.
The way your estate is distributed after your passing is governed by probate law. Some of the things you will want to take a second look at after a divorce include:
- Designation of beneficiaries: be sure and update your beneficiaries on life insurance policies and investment accounts after your divorce. Failure to make these changes could mean your ex-spouse still reaps the benefits of… Continue reading
Nina Ferraro will be an event panelist at the Women’s Council of REALTORs, Stuart-Martin County Chapter “So, What Does it Take to Become an Entrepreneur,” on Thursday, June 19, 2014, at the Piper’s Landing Clubhouse in Palm City, Florida. A dynamic panel of professionals will enlighten real estate professionals on the ins and outs of starting a business. The panelists will touch upon the legal, technological, financial, commercial and residential realities of start ups.
There are different levels of estate planning. At the most basic level, people need to leave directives as to who will care for their children, in the event they are no longer able to do so themselves. Some states break custody of a minor into two categories; physical custody of the child and custody of their financial resources. The most basic level of estate planning is to name those people. There can be a different person for each role, and some people like the “oversight” that this type of setup can provide. Of course, you need to consider the people involved, their personalities and the fact that the person or persons physically caring for the child are going to be beholden to the conservator for financial assistance. You want to choose people who can… Continue reading
Marital dissolution inheres major estate planning implications. Property division, child custody, and spousal support must all be addressed and finalized. Amidst associated emotional and economic fallout, it is easy to overlook one’s estate plan. Such negligence carries potentially disastrous consequences for all parties concerned, however. Below are a few key estate plan components you cannot afford to ignore:
Begin your estate plan modifications by revising your will. Even if you initially executed your will prior to marriage, family and financial circumstances have undoubtedly changed dramatically since then. The areas most likely to require amendment are asset distribution and personal representative appointment. Changing your will is easy to accomplish, either by executing a document called a “codicil” – or rewriting its entire terms.
Review the terms of any trust established before… Continue reading