According to UBS Global Wealth Management, 56 percent of married women leave financial decisions to their spouses. Therefore, women in Colorado and throughout the country who get divorced may find managing their money to be a difficult task. When ending a marriage, it is important to take an objective look at both short and long-term financial needs. This may include reviewing a will and making sure that a spouse is no longer listed as a beneficiary.
It can also be a good idea to take a second look at who would get the children in case of a parent’s death. Ideally, it will be someone who a custodial parent is comfortable with, and it could be another family member or close friend. The only thing worse than failing to review an estate plan is to not have one at all. However, 60 percent of Americans surveyed in a Gallup poll admitted to having no will or estate plan in general.
When creating an estate plan, it is a good idea to do so with the help of a professional. This can make it easier to create a plan that doesn’t overlook key details that could jeopardize a person’s future. Furthermore, overlooking plan details could jeopardize the safety or well-being of a parent’s son or daughter.
The use of living wills, trusts and other estate plan documents may make it easier to secure a person’s financial future. It may also be easier to provide children or grandchildren with the resources that they need to have a comfortable lifestyle. Ideally, individuals will review their estate plan after a divorce or other major life event. This may allow a person to make sure that their plan still meets their needs both today and well into the future.