You’ve sold the house and closed your joint accounts but have you updated your beneficiaries? With the help of a Nashville divorce attorney you can ensure that your rights are protected under the law and that your former spouse no longer has entitlement over your well-being.
Don’t be fooled–just because you’re not rolling in the benjamins does not mean an estate plan is something you should overlook. An estate plan encompasses a will, a living will and sometimes a living trust and is pertinent and necessary for anyone who has any type of assets to protect, regardless of their value.
Because a will designates how your assets are divided and distributed after your death, a touchy subject and often time difficult decision to make, many couples wait until after they’re married to create their first will so that they can collaborate together. After all, the wills of married couples usually entail many provisions regarding each spouse. With that being said, when a couple divorces, the will they set in place is not likely applicable any longer as they no longer share one plan. They probably aren’t going to feel the same about giving Aunt Suzie on the other side of the family a portion of their money and since laws vary state by state, unless they revisit their estate plan that may very well happen.
When it comes to estate planning matters, state laws vary. While some states will completely dismiss a will after a divorce, others will just ignore provisions related to the ex-spouse. With this in mind, the best and most secure way to plan for the care of your family is to create an entirely new estate plan with the guidance and expertise of a trusted Nashville divorce attorney. Below are a few important reasons why:
Distribute your assets how you wish
Chances are you don’t want your ex-spouse or the law to be left in control of decisions regarding your finances should something happen to you that prevents you from making them yourself. Don’t relinquish control over the disposition of your assets to the courts! With help of a Nashville divorce attorney, you can reassume authority and take charge of calling the shots in terms of who gets what.
Choose someone you trust to make medical decisions on your behalf
Asset distribution may be one of the main reasons people are compelled to create a will, but in reality it is only a small part of what estate planning encompasses. Healthcare directives and durable powers of attorney are extremely important as they lay out parameters as to who would make your medical decisions in the event you became incapacitated. It’s important to appoint someone who is happy and willing to carry out your wishes–most married couples choose their spouse. However when a couple divorces chances are they change their minds on this one which is why we recommend seeking the help of a Nashville divorce attorney to update your plan to fit your wishes.
Accidents do unfortunately happen
There’s no telling what life will hand you so it’s best to take preemptive measures against Murphy’s Law and ensure that your family is taken care of. If recently divorced, it’s important to remember to review all of your life insurance policies as it’s likely that the beneficiaries of the policies have changed.
Keep peace among family members
It’s pretty sick but it happens… family members fighting over money after the death of a loved one. There’s always someone who feels like they got the shorter end of the stick. By taking the time to consult with a Nashville divorce attorney and draft up a will, there are fewer instances of this happening because you decide who gets what. Another benefit to having an estate plan is that there are usually fewer legal fees, leaving more money to your family in the end.
Account for your assets
Establishing an estate plan helps you prepare for the future as it forces you to review what you have as far as assets and to think about how to maximize the value you obtain for the long haul. After all we all work hard so we can one day enjoy a happy, carefree retirement.
If you’re looking to make changes to your will and other beneficiaries the attorneys at Cheatham, Palermo & Garreett have the expertise you’re looking for. Whether you have a specific question or are just seeking legal support to help ease the divorce process, your favorite Nashville divorce attorneys are here to back you both in and out of court. Send us an email or give us a call (615) 790-0982 and we’ll be happy to assist you.
The attorneys of Cheatham, Palermo & Garrett, are experienced in the interpretation and application of Tennessee family laws and have been committed to protecting the financial and parental rights of men and women in Franklin and throughout Middle Tennessee for more than 30 years. They bring a wealth of legal knowledge and experience to each case they handle, providing their clients with skilled representation in the areas of Divorce, Child Custody, Child Support, Prenuptial Agreements, Qualified Domestic Relations Orders, Music/Intellectual Property, and Juvenile Court.