The services comes of particular importance and highlights a growing need for advisors to specialize in divorce planning or better tailor their services to handle splits between clients.
Holjevac case study:
A young woman who left her boyfriend after taking a job in New York at a law firm. The pair tried a long-distance relationship that later fell apart after a year in New York.
She moved on, met a man named Jeff and got pregnant soon after. Unfortunately, the young woman died three months post-birth after a tumour was found in her ovary.
Because the woman lived in the U.S., it took longer to settle her estate, according to Holjevac. The woman’s mother, one day, receives a $75,000 U.S. as part of a life insurance policy but instead of half the funds going towards Jeff and her grandchild, the money instead went to her ex-boyfriend.
“This story should serve as a reminder for all of us to be more diligent in keeping our will current and also the all-important beneficiary designations updated, particularly after major life events such as marriage, divorce, death and births,” she said.