The Importance of a Will

This week, I was able to attend a class on wills, estates, and the importance of planning for after you're gone. It was eye-opening. As someone who is divorced with children, and married to someone else with kids from a previous marriage, it made me realize that if something happens to me or my spouse, we aren't covered just because we live in a community property state. 

What does this mean?

This means that even though we live in a state that believes married couples share their property 50/50, if one passes away, the spouse doesn't automatically inherit their half of the property! Who does? The children of the deceased. If they are minor children, that ex now has a say. 

It's also a good idea to check every year to make sure your life insurance/financial institution (checking, savings, any retirement accounts) beneficiaries are still up to date, and reflect your current wishes. 

What can be done? 

Speak with an estate planner/attorney about putting together a will. It's pretty simple and will protect you or your spouse from the ex getting that portion of the properties you own with your current spouse. It doesn't matter if you've been divorced 20 years and bought property last year. 

Want to know more? Feel free to reach out! I'm happy to connect you with some attorneys, financial planners, or professionals to get you more information.