Why You Should Not Wait Until You Are Divorced To Modify Your Estate Plan
There is also a financial reason for changing your estate plan now. For example, let’s say you spend $500 for an estate plan. The estate plan is not an asset for the purposes of dividing the property in your divorce. What happens if you purchase a television for $500 instead of changing your estate plan during the divorce plan? That television will be counted as an asset which will offset other property which your spouse will receive as part of the property division. Your new estate plan will not be counted as an asset against what your spouse will receive in the divorce. In effect your spouse will be paying for part of your new estate plan.
Copyright 2003 – Louis A. Barrelli