In this month’s Financial Advisor Magazine column, Cordell & Cordell Principal Partner Joe Cordell explains the critical role that financial advisors can play in post-divorce estate planning.
Estate planning includes many different aspects, most notably is the arranging for the distribution of assets in the event of death. However, certain life events – such as divorce – require revisions to how an estate is divided. Unfortunately, many recent divorcees fail to make those updates.
“Whether they thought their ex would automatically be removed upon the nullification of their marriage or they simply forgot, failing to update an estate plan after a divorce can have some very unfortunate consequences,” Mr. Cordell wrote.
To ensure that an estate plan is properly updated following divorce, it is important that financial advisors work closely with estate planning attorneys to come up with strategies to best meet the divorcing client’s needs.
Collaboration between the two is essential.
“Together, they are far more likely to devise a creative – but more importantly administrable – plan for their client to minimize the potential probate and legal hoops that relatives will be put through should the unexpected happen,” Mr. Cordell said.
Click here to read the full article.
Written by Joseph E. Cordell
Joseph E. Cordell is the Principal Partner at Cordell and Cordell, P.C., which he founded in 1990 with his wife, Yvonne. Over the past 25 years, the firm has grown to include more than 100 offices in 30 states, as well as internationally in the United Kingdom. Mr. Cordell is licensed to practice in the states of Illinois and Missouri and received his LL.M. from Washington University in St. Louis, Missouri. Joseph E. Cordell was named one of the Top 10 Best Family Law Attorneys for Client Satisfaction in Missouri.
