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Start Your Initial Strategy Session Today!Estate Planning In a Divorce
Estate Planning In A Divorce
Getting Your Affairs In Order, Beforehand
Estate planning matters are often overlooked in divorce, but divorce will have significant implications for your estate. Once your marital status is legally changed, your spouse will no longer be the beneficiary of your estate. Your ex can remain a beneficiary, but you need to update your estate documents to express that specific intent. Without clear directives, your estate could end up in probate, which can be a burden on your survivors. While planning for your estate may be the last thing on your mind when more immediate issues are at hand, it is a good idea to make adjustments as soon as you can.
There are several estate planning issues you should think about during divorce. Consider updating your beneficiary designations. The divorce will not affect these designations, so you may want to adjust them accordingly. It is important to know that while your ex-spouse will no longer be listed as a beneficiary of your estate, he or she may retain the right to any IRAs, ERISA governed employee retirement plans, or life insurance policies upon your death. You must name new beneficiaries if you no longer want your spouse to receive these funds. Also, consider creating a family trust. This can provide future protections for your children’s inheritances.
It is also very important to update your healthcare proxy. You do not have to make any changes if you wish your ex-spouse to retain the medical power of attorney, but many people choose to name a new agent.
Keep in mind; Massachusetts estate law varies based on whether or not you have a will. If you do not have a will, now might be a good time to execute one. If you have significant assets or specific wishes for the management of your estate, having a will is the best thing you can do for your family. If you do have one, make sure you speak with a lawyer to ensure your estate will be in the right hands when you die. Your mediator or attorney may be able to refer you to a trusted estate-planning lawyer.
If you have concerns about your estate and preserving your assets for your children, speak with an experienced Massachusetts divorce mediator. A mediator can help you reach an agreement with your spouse on the present division of your assets and the future disbursement of your estate.
If you have questions about how to plan your estate during divorce, contact Mediation Advantage Services for experienced family law help. Law Office of Polly Tatum can assist you with taking care of your estate planning needs. Based in historic Worcester with a satellite office in Northboro, MA, our firm serves all cities and towns throughout Massachusetts and Worcester County including, Auburn, Paxton, Leicester, Sutton, Grafton, Shrewsbury, Westboro, Northboro, Southboro, Holden, Sterling, Princeton, Worcester, Charlton, Millbury, Dudley, Spencer, Brookfield, Sudbury, Natick, Framingham, Hopkinton, Milford, Blackstone, Leominster, Fitchburg, Acton, Jefferson, Barre, Oakham, Cambridge, Newton, Marlboro, Lancaster, Bolton, and Hudson. Call our office at (508) 795-1557(508) 795-1557, fill out our online form, today to schedule your Complimentary Mediation Success Planning Session. You can also sign up for our eNewsletter or download our free e-book for more information regarding divorce in Massachusetts.
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I worked with Polly to update my will and create a revocable trust… The entire process went very smoothly. I highly recommend Polly Tatum and her staff. They are all very professional and friendly people.
Cynthia D.
Worcester, MA
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As people age, they may face different legal challenges than when they were younger.
Medicaid Planning
As your golden years approach, it may be time to consider many of the aspects of your future.
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When it comes to estate planning, there is no one-size-fits-all solution.
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When you lose a loved one, the last thing you want to deal with is the legalities of their estate.
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Frequently Asked Questions
What Can An Estate Planning Lawyer Do For Me?
Estate planning lawyers can help you with a wide variety of legal matters, including wills, trusts, probate, and estate administration.
What Does An Elder Law Attorney Do?
An elder law attorney can help with any legal issues that come up with regard to yourself as you age or an older loved one. These issues can include things like planning how to pay for long-term care, making sure that long-term care is appropriate and that no abuse or neglect is occurring, and helping with things like trusts that can ensure our elderly loved ones are provided for.
Do I Need More Than Just A Will?
While a will can take care of some very basic aspects of your estate, like distribution of some assets and guardianship of minor children, it cannot do things like designate a trusted person to make medical or financial decisions for you if you are unable, make your wishes known as to your medical care at the end of life, or provide managed financial benefits for special needs family members, for example. A will is essential, but it is rarely enough to take care of things should you become incapacitated or die.
How Much Does It Cost To Hire An Attorney?
The cost of hiring an attorney depends on the type of case you have and the amount of work that is required. In most cases, we offer a consultation so that you can get an estimate of the cost of our services. Contact us today to schedule a consultation.
How Is Medicaid Different From Medicare?
Medicare is a government-funded insurance program that covers some or all of the costs of certain medical procedures for qualified participants (generally, the elderly or disabled). Medicare does not cover the costs of long-term care. Medicaid, on the other hand, is a government entitlement program that can cover the costs of long-term care for those who meet certain income and asset qualifications.
What If We Don’t Qualify For Medicaid?
Medicaid eligibility planning is best started long before anyone in your family needs long-term care, but even if that planning has not been done in advance, there are some ways to make eligibility more likely while still protecting the assets of a spouse who does not need long-term care, for example. Contact our office, even if you think you won’t qualify for Medicaid. We may have options to suggest.
Why Is An Estate Plan Important?
An estate plan is important because it allows you to control what happens to your property and assets after your death. Without an estate plan, the court will decide how your property is distributed, which may not be in accordance with your wishes. An estate plan can also help you avoid probate, which is a costly and time-consuming process.
Why Should I Hire The Law Office Of Polly Tatum?
The Law Office of Polly Tatum is an experienced team who is ready to help you. Our firm has a wide range of experience in estate planning, probate and trust administration, elder law, and divorce and elder mediation. An experienced law firm with a good track record can help you get the legal help you deserve.
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