Going through a divorce can be one of the most challenging and stressful times in life. The marriage you've worked so hard to build is no longer working. You and your spouse might be fighting constantly. You might no longer love each other. Maybe you only stayed together until your children reached adulthood. Whatever the reason for the divorce, you need to know how to make changes to your estate plan once the divorce is finalized.
If someone named you as the executor or administrator of their estate, it is very likely that they held you in high esteem. They likely trust your ability to remain organized while handling all the details of the estate and believed that you were ethical enough to fulfill your obligations to all of the beneficiaries and heirs.
Wanting to create an estate plan is a wonderful desire to have. Creating important documents that get your affairs in order can bring about peace of mind for you and sense of relief for your surviving family when the time comes to settle your estate. Of course, it is important that you consider the various planning options available to you.
When a loved one passes away and decides to leave some of their assets in a trust, the trust then governs what happens with that money. This goes beyond merely what is written in the will.
Funeral planning should be part of your estate planning process if you want to make everything go smoothly for your children. This lets them know what you want -- and gives you a chance to consider the financial side of the plan. Leaving money to cover the costs of your funeral and directions to show your desires takes a lot of stress out of what is sure to be an emotional time.
You expect to get an inheritance from your parents. Maybe you've even talked about it with them and contributed to their estate planning. You know there's always an outside chance that you'll get something from your grandparents, as well.