The divorce of a long-married couple can be especially difficult when it comes to retirement and estate plans.
Assets, particularly retirement accounts, can require the complete revision of in-place estate plans, says a story on estateplanning.com.
The article says it is key to work toward the fair division of assets so neither runs out of money later in life. It also says to update estate plans.
Key steps:
- Know what is yours. There is separate property and marital property.
- Consider setting up trusts. These can make sure that a second spouse cannot disinherit children from a first marriage, for example.
- Update beneficiary forms on IRAs and other retirement accounts.
- Keep good records. Make not to overlook any assets you may have but may have forgotten about.
If you have questions about estate planning, feel free to contact us for a consultation at (626) 696-3145.
