DON’T LET YOUR EX CONTROL YOUR KIDS’ INHERITANCE From Fatherhood to Future Planning
June is a time to celebrate all the love, strength, and dedication you provide your children as a father. But if you’re newly divorced or in the process, it’s essential to rethink how you protect them legally and financially. Even though life may look different now, you will always be a dad, and you can continue to support your family and yourself by reviewing your estate plan. From selecting a new trustee to manage
process to access that money. You should also name a guardian who will care for your children if your ex passes away.
BENEFICIARIES After a divorce, you should also update your beneficiary designations, as this does not automatically change. Look at bank accounts, pensions, retirement funds, and life insurance policies, and determine whom you want to receive those benefits. If you don’t update your beneficiaries, it may go to your
your kids’ money if something happens to you, to updating your health care directives, here are three steps to safeguard your children’s futures after a divorce. YOUR TRUSTEE If you pass away, the guardianship of your children will go to your ex-spouse. By creating a trust, you can select someone you know has your children’s best interests at heart as a trustee who will manage assets you are leaving to them. You may choose a family member or friend who will be responsible for your children’s inheritance until they reach a certain age. By setting this up, you ensure your ex doesn’t have control of funds intended for your kids and that your family won’t have to go through a court
ex-spouse. You can select your children as the beneficiaries for accounts like this, which your selected trustee can manage.
POWER OF ATTORNEY AND HEALTH CARE AGENTS Throughout your marriage, you most likely named your spouse as your financial power of attorney or health care
agent to make medical decisions if you become unable. If you don’t want your ex to have this kind of decision-making power after a divorce, it’s important to name someone new. This person can ensure that if you become ill or incapacitated, your wishes will be protected, ultimately ensuring your children receive their inheritance from you.
Precision and Heart Behind Every Number Meet Arnissa Galloway
At The Manely Firm, we know that behind every number is a person, and Accounting Manager Arnissa Galloway brings heart and precision to every aspect of her work. Arnissa was always good at math, and her father, a teacher and business owner, often made problems and equations into fun games for her. That lifelong love for numbers and her experience helping with his bookkeeping stuck, so she went to school for business management. After working at a company where she wore many hats and felt like she had hit a glass ceiling, she was ready to make a move. When she discovered The Manely Firm, she found a place that aligned with her goals and her desire to do good for others. “There’s a sense of family here, I highly respect them, and it makes for a good work environment where I feel safe,” she says. As Accounting Manager, no two days are quite the same for her. She’s in charge of various financial responsibilities, such as invoicing clients, payroll, vendor reports, and daily financial reports. But Arnissa’s role goes far beyond numbers; the people
mean the most to her. She has worked closely with clients and loves learning their stories and watching them move forward. “It’s just an extremely rewarding line of work to walk them through this transition and hold their hand until the very end,” she says. “During that final conversation, I say, ‘I’m so happy for you. I’m always here if you need me. I’m glad this is over for you.’” Arnissa leads our accounting department, which she affectionately calls “the A-Team.” “My greatest joy as far as being at work is always to manage them because they truly are a great group,” she says. “If I need extra help, they’re going to go the extra 5 miles if I ask them to because they know I’m going to go the extra 10 for them.” Arnissa loves spending time outdoors hiking, fishing, and hunting. She enjoys athletics, played basketball in college, and now shares her skills as a volunteer coach, training kids in basketball in her community. Arnissa’s passion for numbers, people, and supporting clients and teammates alike makes her an invaluable part of The Manely Firm family.
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