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Estate planning for the newly or soon-to-be divorced

Newly single individuals have a lot to think about. It’s likely Louisiana residents who have recently divorced or separated from their partners or recently widowed aren’t giving much thought to estate planning, but that may be a big mistake. Single people need estate plans as much as their married counterparts. When a spouse dies, an existing estate plan may just need updating, but if a person divorces, that’s a whole different story.

Once a person becomes comfortable with new-found singlehood, he or she might want to sit down with an estate planning attorney to discuss estate planning options. The estate plan of a person whose divorce is pending may look to limit his or her soon-to-be former spouse’s inheritance and powers. Most estate planning documents can wait to be changed until after a divorce is finalized.

Divorce decrees or provisions can be included in a new estate plan. Beneficiaries may also need to be changed or updated. Things like 401(k) plans and IRAs should be tackled since they are often overlooked after a divorce. In any case, it is best to create a new will after a divorce becomes final to prevent an unintentional gift to a former spouse.

A Louisiana estate planning attorney can help a divorced client with a new estate plan. Obviously, individuals divorce for a reason and separating estate plans upon marital separation is also necessary. Most divorced people don’t want to leave their former spouses anything upon their deaths. A lawyer may be able to help a client to ensure that doesn’t happen.

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