Have you recently divorced, or do you think about it? The answer is yes if you have been asking what an estate plan is and if you should have one, particularly during the trying period of divorce. Contacting a divorce attorney Boston will make your divorce proceedings easier for you.
Why Should You Always Have An Estate Plan at a Young Age?
People tend to associate estate planning with middle-aged or older individuals who are more established in life, are likely to have some substantial assets, and may also have children to take care of. Although that may be the “average” customer for estate planning, a person who has reached the age of majority (i.e., 18) is not too young to create an estate plan.
You do not have to be wealthy or own a lot of property to create an estate plan. Additionally, you do not need to be older or have kids for whom you need to make arrangements in the case of early death.
Estate Planning During the Coronavirus and Covid-19.
The coronavirus pandemic serves as a timely reminder for everyone about the significance of having an estate plan in place for you and your family, especially your children. The moment has come to talk to an estate planning lawyer.
A Last Will and Testament is a legally binding document that organizes your possessions and assets that will be given after your passing and has the power to name guardians for young children.
A will typically consist of:
- A person is chosen to serve as the executor and carry out the terms of the will.
- Beneficiaries: Individuals who will inherit the assets.
- Instructions on how and when to distribute the assets to the beneficiaries.
- For any underage children, guardians.
Here are a few crucial papers that make up your estate plan.
Planning Your Money During and After a Divorce
A divorce drastically alters a person’s life. The effects of divorce on finances are one of the most significant adjustments; from having a joint home with (often) two distinct salaries, spouses transition to living apart and providing for themselves alone. You may take many steps to prepare for your financial future after a divorce, whether you are thinking about getting divorced or have already filed for divorce.
- Establish a Budget
- Determine Your Future Income
- Identify the assets you will receive as part of the divorce:
- Begin to become financially independent of your spouse.
- Make use of a financial advisor