November 01, 2022

Estate Planning During and After Divorce

37 minutes

Paula Jones is founder and Principal of Jones Estate Group and adjunct professor at the Western New England University School of Law. With over 25 years of experience, both internationally and domestically, she helps individuals of moderate to high net worth ensure that their assets transfer to the people they love in the right way. Paula shares how listeners can protect themselves and their family during the divorce process in the event of an untimely death. She busts a myth about wills and talks about what to do after divorce where estate planning is concerned.

If a divorced or divorcing couple has a settlement agreement, they must honor that agreement when drawing up an estate plan. Existing obligations that continue from a divorce are legal duties, and they cannot be ignored, or else they may face legal repercussions.

An estate plan is not just about putting together a will and getting powers of attorney. It involves identifying your assets and who owns them, who your beneficiaries are, how your assets are titled, and if they need to be retitled so they all wind up in the same place.

Tenancy by the entirety is a legal arrangement that applies to married couples, where they share equal ownership of an asset with survivorship rights. In the event one of them passes, ownership automatically passes to the survivor.

Power of attorney is a legal authorization for a designated person to make decisions on another person’s behalf. A complete estate plan includes a will and financial and medical powers of attorney. You should name a primary choice and a backup choice.

Resources

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