Tackling the problem of estate planning is a difficult problem when it comes to divorce and remarriage. If you have already gone through a divorce or planning to remarry here are some points which you should keep in mind regarding some common financial traps which most people fail to consider.
If your former or soon to be former spouse was named as a beneficiary on your retirement account, life insurance policies and investments account like most divorced people, if you no longer want him/her to receive these assets after your death you should contact your attorney from a reputed family law firm in Brisbane who can help you to update your current policy documents.
You should complete the paperwork before filing for divorce so that your spouse won’t inherit anything if you die before the divorce is finalised. If you do not act before filing for divorce you won’t be allowed to remove your spouse’s name from the beneficiary account of your retirement or pension plans without the consent of your spouse until the divorce is finalised. Apart from this, you should also update your financial powers of attorney and your health care policy as soon as the divorce process begins in order to prevent your former spouse to make any life and death decisions or any important financial decisions for you in case you become incapacitated.
As far as your will and living trust is concerned you should ask your attorney from a reputed family law firm in Brisbane about the provisions which are followed in your state. In most cases, the court automatically disqualifies and exposes and beneficiary in search documents. However, it is always a good idea to remove the name of your spouse from your bills and trust formally because these laws could change in future. In case you have any revocable trust you can consult with your attorney from any family law firms in Brisbane and enquire about your options regarding such a trust.
When people remarry it is usually agreed that they will maintain control of assets that he or she brought into the marriage, while property acquired during the marriage will be shared. The reality, however, is more complicated and without the guidance of an estate lawyer from any reputed family law of firms in Brisbane, the eventual distribution of property between the first spouse and their partners can get really complicated.
If you want to avoid any possible confrontation it is important that you tell your family members how you would like them to eventually inherit your assets and trust your new partner to follow through on your intentions. If you doubt their motives you can always make a new will in the presence of your attorney from any family law firm in Brisbane.
You can also set up a trust with the help of your attorney and specify who will receive the assets of the first spouse to pass away. Keep in mind that this trust would receive only assets of the first spouse to die and not assets which are jointly owned by both the spouses.
You can ask an estate planning attorney from any reputed family law firm in Brisbane to draft a contract between two spouses detailing the assets which will be divided among their heirs upon the death of one of them. This contract must be drafted carefully to avoid loopholes that could undermine their intent.
Hire an experienced estate planning attorney from a reputed family law firm in Brisbane to draught a contract. List some of the children from your first marriage as beneficiaries on some of your financial accounts and insurance policies. Also, keep in mind that most state laws have a minimum share value of the deceased spouse’s estate.
Newwaylawyers.com.au Is a non-profit family law firm in Brisbane who believes in providing legal guidance and legal advice to people from all strata of the society. Even though they are a non-profit organization NWL believes in providing high-quality legal services which are at par with the professional standards specified by the legislation of the country.