Estate Planning Suggestions During A Divorce

Useful Advice from Your Mississippi Investment Advisor

Divorces are messy. Sometimes, they can be very ugly, with spouses fighting over the littlest items, whether it is the china or the dog. Then, there are parents arguing over visitation for children. Even when splits are amicable, untying years of memories, belongings, and finances, takes time, effort, and a lot of careful thought. One area you want to address as quickly as possible is your estate plan to ensure your wishes are honored. If you already have one, now is the time to adjust it. If you do not have one, there is no time like the present to get one started. Schedule time to talk with your attorney and get the ball rolling.

5 Estate Planning Tasks to Address Immediately 

  1. Will: If you were to die without updating your will, your spouse would inherit according to any existing will. Make sure the people you want to benefit from your legacy are able to get what you intended. Have a new will drawn up and revoke the existing one. Name the appropriate person(s) as executor to manage your affairs after you are gone.
  2. Beneficiaries: For those items that may not pass through your estate, such as life insurance or other accounts, now is the time to update your beneficiary designations. If any are under the age of 21, a court-established guardianship may be necessary.
  3. Needs of Minor Children: There may be a couple of options to address the care requirements and future of your minor children, such as court-ordered guardianship or trusts. With a trust, you can set aside assets for your kids’ benefit and appoint a trustee of your choosing. The trustee will control the assets until your heirs reach adulthood.
  4. Existing Trusts: If you have a revocable will, you may decide to dissolve it and remove the assets within or amend it, which establishes new terms. There may be additional tax implications to be addressed including income tax so be sure to consult your tax and legal advisory.
  5. Living Will: Your living will indicates to medical professionals what medical interventions you approve and the circumstances under which they may be used. Additionally, your designated surrogate will make those decisions when you cannot. Take the time to name a new designate.

Estate Planning Services in Mississippi

Update your estate plans as soon as you can during the divorce proceedings or other significant life changes like a new marriage, the birth of a child, change of jobs, or retirement. These changes can impact your legacy in a variety of ways. Get the help you need from an experienced company.

At EPG Benefits, we take the time to understand our clients’ needs. Using an integrated approach and offering a variety of services, we strive to touch on investments, insurance and overall plans for your family’s future. We help you ensure your wealth is seamlessly transferred to your heirs.

Book a consultation to learn more about making the most out of your earnings. Our team works hard and is known for good service.

Request a quote or call us today at 601-982-3000 for estate planning services in Mississippi.

Disclaimer– Securities Offered Through Valmark Securities, Inc. Investment Advisory Services Offered Through Valmark Advisers, Inc.

Executive Planning Group is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.

This entry was posted in blog. Bookmark the permalink.