As the number of divorces increase, many people are concerned with leaving money to the wrong person. Some people think that a will provision alone will stop their ex from inheriting some of their assets at death. Sadly, however, this is not always true, especially with assets like life insurance and retirement accounts. So, you must act now by updating your beneficiary designations on all of your plans and accounts. Also, consider using a trust to leave inheritances to minor children, which will also help protect your assets from your ex. Love can be a battlefield, but your estate plan does not have to be.
See Kyle Krull, How Can My Client Disinherit Her Ex?, Wealth Management, August 8, 2016.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
