If you created an estate plan during your marriage, you will certainly need to update it upon your divorce. If you did not create an estate plan previously, you should definitely create one.
National Estate Planning Awareness Week is October 16-22, 2017. The purpose of Estate Planning Awareness Week is to help individuals and families understand the need for estate planning. More than half of Americans, an estimated 56%, do not have an estate plan in place. This causes hardship, financial or otherwise, that can be diminished by advanced planning.
What is estate planning? Estate Planning encompasses the growth, conservation, and transfer of an individual’s wealth through the creation and maintenance of an “estate plan.” The purpose of estate planning is to develop a strategy that will maintain the financial security of individuals through their lifetime and ensure the intended transfer of their property and assets at death, while taking into consideration the difference circumstances of each family.
What documents are referred to as an “estate plan?” An estate plan generally consists of a trust, will, durable power of attorney, healthcare power of attorney, and probate avoidance deed. Even more important than planning for your assets, is planning for your minor children. It is essential that every parent has a guardian and conservator in place for their children. You need to legally nominate guardians for your minor children, in order for your wishes to be carried out. Designating God parents, or other informal requests will not suffice.
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