While facing divorce, one cannot think about anything else. Many people focus on how children will react, how they will pay bills alone, where they will reside, and how divorce will change their lives.
All of these are essential, but the process will end eventually. It is vital at the time of divorce process to think about everything and plan for the future of your children.
Here are the reasons to ensure you have a will after or during a divorce.
1. Property might go to the spouse
If any person dies without a pending divorce, the other spouse will get all the property. A will might state that the one-half share of the property of a deceased is given to other designated beneficiaries.
Additionally, if there’s a separate property of disease, another spouse will get one-third of that property if nothing is finalized. A will might state that a spouse doesn't get a separate property.
2. Decide the beneficiaries
If any person dies without any will, the inheritance will be distributed equally among the children of that person. This might sound simple, but it’s not. It is essential to go for a hearing in court to know about the children.
This is known as heirship determination. It can take time and is costly as well. The attorney will be appointed to know that your children or child are the only ones.
Once the attorney has done his/her duty, a hearing in the court will take place. The process might take months and costs a lot.
With divorce and wills, this situation can be avoided. It doesn’t matter about your children; the property will be designated to the beneficiaries.
3. Designates person who will independently take care of the estate
A will name a person as an independent executor. If there is no will, the court will appoint a person after filing of probate. The appointed person can be a next of kin, adult beneficiary, or creditor.
If beneficiaries are not of legal age, your ex-spouse can apply on children’s behalf. A will can prevent this as there’s a name of the person who takes charge of these tasks.
4. Designates property to oversee the inheritance of beneficiaries
If there’s no will and heirs are known along with the completion of the administration estate, heirs will get everything. If the children are under eighteen or minor, someone will be appointed as a guardian or estate. Now again, an individual who the court will look upon is the surviving parent.
With a will, you can set up a beneficiary contingent trust that is of minor age. With this, a trustee can be designated to go through the funds at the discretion of a trustee and avoid the situation where your spouse has to manage the assets of children.
These are only some reasons why a will is essential to prepare. It will be unwise to wait until any legal action comes up like a divorce is concluded. Experts can help so you don’t have to worry about your will later.
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