Why You Need An Estate Plan After Divorce

If you've gotten divorced - or are getting divorced - the last part of the job is creating an estate plan to help your children or loved ones after you're gone, and to protect your assets for their benefit. This is particularly crucial during such a transitional period in your life, as it allows you to establish a sense of security for those you care about. An estate plan not only ensures that your wishes are honored but also provides peace of mind knowing that your loved ones will be taken care of in the future, despite the challenges that may arise following a divorce.

Estate Planning – can I afford it? Is it worth it?

Traditional estate planning has long been perceived as an expensive endeavor, often costing several thousand dollars. Historically, it has been primarily utilized by individuals with considerable wealth, leading to the misconception that estate planning is only for the affluent. However, I firmly believe that estate planning holds even greater significance for those who are not wealthy. It is these individuals who often face the most pressing need to ensure that they have something to pass on to their family after their passing. Recognizing this gap in access to essential legal services, my partner Erin Gallivan and I have developed a series of low-cost flat fee options. These are designed to empower average people to understand the importance of estate planning while putting straightforward protections in place for their families. Our initial one-hour meeting with Erin is priced at $225, which is a small investment in securing your family's future. Following this consultation, depending on your specific needs and circumstances, the cost for drafting and executing the necessary legal documents ranges from $250 to $850, making it accessible to a broader audience.

What is Estate Planning?

Estate planning is a crucial process that allows you to dictate how your property and assets will be distributed after your death. It serves multiple purposes, including protecting your assets from creditors and sparing your loved ones the burdensome time and expense associated with the probate court process. Upon your death, all your property and assets are transferred to your “estate.” This estate is then managed by an appointed “executor,” typically a family member, under the oversight of the probate court. The probate process involves various steps, including the payment of any outstanding debts, with the court directing how any remaining assets will be distributed among beneficiaries. Unfortunately, this process can often take a minimum of six months, and in many cases, it extends even longer, requiring significant effort from the appointed executor. Regrettably, by the conclusion of the probate process, there may be little to no money left to distribute to the intended beneficiaries. However, it is important to note that probate court is not always a necessary step in the distribution of your estate. There are numerous strategies available that can facilitate the transfer of your property and assets to your family with minimal or even zero involvement from the probate court. One of the simplest and most effective strategies is to designate beneficiaries for all of your bank accounts. By doing so, those accounts will pass directly to the named beneficiary, avoiding the lengthy probate process altogether.

How Does Estate Planning Help Me After My Divorce?

In addition to asset distribution, estate planning plays a vital role in determining your end-of-life care preferences. It empowers you to specify who will make medical decisions on your behalf should you become incapacitated and unable to express your wishes. Our flat fee packages are designed to cover all essential elements of estate planning, including an Advance Health Care Directive, which outlines your healthcare preferences, as well as a medical authorization that allows a designated individual to make medical decisions for you. Furthermore, all our flat fee options include a Power of Attorney, which grants someone the authority to act on your behalf regarding non-medical matters if you are deemed incompetent. This comprehensive approach ensures that your wishes are respected and that your loved ones are not left to navigate difficult decisions without guidance.

How Much Does It Cost?

After the initial meeting cost of $225, our services are structured to be both affordable and transparent. The Individual Will Package is priced at $250, while the Individual Will and Trust Package is available for $450. For couples, the Couple Will Package is also $450, and the Couple Will and Trust Package is offered at $850. Additionally, if real estate transfer is part of your estate planning needs, we provide a dedicated package for that service at $450. This clear and structured pricing model allows you to plan effectively without any hidden fees or unexpected costs.

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