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Creating wills especially important following divorce

Creating an estate plan is often low on the priority list for many today. However, creating wills and other estate planning documents is essential, especially for those who are divorced. A few tips may help with putting together effective comprehensive estate plans in New York.

First, creating wills is important, but updating will substitutes, such as individual retirement account beneficiary forms, is also critical following a divorce. This is necessary to make sure that the beneficiaries named are accurate. Otherwise, an ex may end up receiving something he or she is not entitled to receive.

Another important estate plan component is a revocable living trust. This tool enables an individual to dictate how assets will be distributed upon his or her death. In addition, the assets that beneficiaries would get -- and the ages at which they would receive them -- can be determined with a revocable living trust. For instance, through such trusts, asset owners can ensure that particular assets are given to charity, and they can require that certain assets be given to their children only after they have graduated from college, turned 18 years old or turned 25 years old.

The idea of putting together estate plans that include wills and other documents may seem morbid and thus unappealing. However, failure to put together an estate plan means that valuable assets may not end up in the intended hands after one passes away. An attorney in New York may provide guidance with creating a well-thought-out estate plan that meets one's goals.

Source: wealthmanagement.com, "Advising Divorcing Women", Laurie E. Ingwersen, July 31, 2017

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