When a divorce decree is entered, your will and other estate planning documents, in nearly all cases, will be obsolete. You should also consider whether you wish to change the beneficiary designations you may have on life insurance, annuities, retirement accounts, and other assets. In making a new estate plan, you will want to make sure that your children are provided for. If there are substantial benefits that will flow to them in the event of your death, you should carefully consider who might be the best person to be responsible for managing those benefits for the children until they are adults.
The person who will have custody of the children is not necessarily the best person to manage their money. Money management takes honesty, knowledge and time. Over the years I have seen many cases where the custodians of children have spent money for unnecessary luxuries, bad investments, or for debts unrelated to care and protection of the children.
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