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Take charge of your future.
By taking control today.
Sometimes money’s not enough to ensure a smooth, carefree retirement. Because sometimes things just don’t go the way you had planned. But if you take control of all of your assets today—making sure you’re prepared should you become divorced, widowed or unable to care for yourself—you can still make your retirement everything you had planned it to be.
If divorce happens, then what?
Sometimes ‘for better or for worse’ doesn’t always go your way. And if planning for your financial future wasn’t difficult enough, single parents face the added challenge of trying to raise their kids and take care of their own needs on one income. The first step is to make sure any child support owed is paid—on time and in full. It’s also possible that you have a right to a portion of your spouse’s retirement account in addition to your own. An attorney can draft a Qualified Domestic Relations Order (QDRO) to divide a qualified retirement plan between divorcing spouses. And, if you were married for at least ten years and haven’t remarried, you may qualify for Social Security benefits based on your ex’s earnings.
Millions of Americans have no will or living trust set up for their families. Why? Easy, who really wants to face their own mortality? But without one, it’s left to the government to decide how your assets—everything you worked for in life—should be distributed. Now you tell us which is worse: facing a moment’s worth of unpleasantness or your assets not distributed the way you wanted them.
Don’t be fooled into thinking that just because you don’t own a lot you don’t really need a will. Not only does a will offer distribution of assets like a home or expensive jewelry, but it names who’ll benefit from all of your savings, not to mention items that have pure sentimental value. So it’s a good idea to employ the help of an attorney. But the question remains—a will or a living trust?
- Wills—A will is a legal document that designates the transfer of probate property after you die. It will also name the individuals who will act as legal guardians for your children as well as the executor who will oversee the distribution of your probate assets.
- Living Trusts—A living trust is a legal document that lets you transfer the ownership of assets to a trust while you’re still alive (probate assets often pass via a will to a living trust at death). It then designates who should receive those assets after you die. And by naming yourself as the trustee, you’ll retain complete control of your assets as long as you live. The main advantage a living trust has over a will is that the courts won’t have to review your instructions regarding the distribution of your assets.