Estate Planning For Divorced Clients Jessi Patton Patton Law

The State’s plan for newly single clients and why they might want to opt their family out of it; Why simple form documents do not work and what your clients want instead; What would happen if your client dies during a pending divorce? What You’ll Learn Today

Have you ensured that your client’s assets would not go to your clients’ ex-spouse? Who would be consulted about your client’s financial and medical decisions if your client became incapacitated? What your next steps are if you want to be sure your clients’ families would be well-taken care of, if anything happens to them. What You’ll Learn Today

Estate planning is the process of making sure your or your clients’ family, team and clients aren’t left with a mess if something happens to them. We all do estate planning for them, not simply for ourselves. Yet, we end up benefiting in so many ways. First Some Basics: Don’t Let Your Divorced Clients Leave a Mes s

Yes! Whether they’ve consciously created a plan or not, the State has a plan for them. If your client has done estate planning, you might think they have a plan, but you could be wrong. Does Your Divorced Client Have a Plan?

Will Trust Power of Attorney Health Care Directive Kids Protection Plan ® The 5 Basic Documents That Protect Your Clients and Create Ease For Their Loved Ones

What is a divorce will? –A fully counseled Will that ensures that your clients soon to be ex-spouse does not receive their assets upon death during the pending divorce. –Nominations of Guardianship for each child to ensure that the people they choose would raise their children if both parents died during the pending divorce. Clients Amidst Divorce

If your becomes incapacitated w/o proper Health Care Directives, their family could have to go to Court to access your medical records + make decisions for them. The “wrong” people could be making decisions for your client -- like a soon-to-be ex or parents when they would prefer friends. Decisions could be made that are not in alignment with what your client would want. What Happens Without Planning

If your client dies with no Will, the State has a plan for them. Prior existing Will with ex-spouse is void after divorce. Their parents will be responsible for administering their Estate, or if their parents aren’t living, their siblings. If they have no living family (or their family would not qualify for bond), the Court will appoint a financial guardian -- pricey! What Happens Without Planning When Single

If you die with only a Will and you don’t have a Trust to own your real estate and investment accounts, your family will still be stuck going through the Court process. The cost of probate: –Time –Money –Public –Out of Control What Happens Without Planning

If your client has minor children at home, they need to consider something that is hard to face. Practically, what would happen in their kids’ life if they did not make it home? Who is at home with them? Do they have legal authority? Have you legally named guardians? Where are they? What Happens Without Planning

Clients have college aged or young adult children? Get a Health Care Directive and Power of Attorney in place for them, at least; Without legal documents in place, parents can’t get access to their medical records or bank accounts if anything happens to them; The last thing you want dealing with at a time of grief and stress is to have to go to Court to get access. What About Your Young Adult Kids?

If their parents’ planning is not in place, they are the one at risk; They could get stuck going to Court trying to get access to their records to make medical and financial records for them during life; Or end up stuck in Court after their death; Or lose valuable opportunities for a lifetime of asset protection for them. What About Your Clients’ Parents?

No plan/directives at all or 3 years since update or major life changes since plan created; No ongoing relationship with lawyer; No inventory of financial assets; Kids not planned for properly; No coordination of planning between generations. Where Newly Divorce Clients Might Be Unconsciously at Risk

Have them come in for a Family Wealth Planning Session; I’ll review your plan (or the state’s plan for them) and ensure they leave with a Health Care Directive as my gift; We’ll inventory their assets so their family both know what they have and nothing gets lost if anything happens to them; If their plan has holes, we’ll design a plan to fill them or send them back to you for proper financial management. What to Do If Your Clients (or You) Are at Risk

Normally, $750. But they can get the Session + a Health Care Directive (normally $500) for free … here’s how: Complete the top of your Purple Worksheet; Complete the top of your Purple Worksheet Turn it into me and receive Certificates for a private Family Wealth Planning Session with me. Get a Family Wealth Planning Session + Custom Health Care Directive as Our Gift