Many married women leave the financial aspects of their relationships to their partners. That can pose a real problem if she finds that her marriage is on the skids and she’s headed for a divorce. When it comes to estate planning, some divorced Arkansas women may not even know where to begin, if they begin at all and that is probably the number one mistake — not planning for unforeseen events.
If there are children involved, as a mom, a woman needs to make sure documents are in place regarding the guardianship of any minor children should something happen to her and her former spouse. Leaving this issue at loose ends could only spell further heartache for children. If a woman had a joint will with her former spouse, she definitely should take the time to have a new will drafted which includes her children.
If she is working and has assets of her own, failing to include them in planning is also a mistake as is not taking advantage of trusts if her assets are sizable. It may seem to be a daunting task, but no one has to undertake estate planning alone. A woman can enlist the help of a financial planner and of an attorney.
An Arkansas estate planning attorney can help a client draft an estate plan without mistakes and one which sees to the client’s last wishes in a legally binding way. The lawyer can also explain the benefits of various estate planning tools like trusts and how they might benefit the client. He or she can also clear up any confusing areas when it comes to the documents in an estate plan like a will or power of attorney, so that clients don’t make what could be costly mistakes for their heirs.