Going through a divorce is hard and can leave you feeling drained. But after your divorce is finalized, you must focus on estate planning. It’s important to plan the way you want your assets to be divided and who gets custody of the children. A lot of issues require your attention. Not updating essential documents can negate a lot of the items you probably negotiated during your divorce.
A divorce attorney near me can help you through the estate planning process following a divorce. They will pay attention to every detail that matters most, helping you secure the best result for you and your family. To effectively plan your estate after divorce, consider the following tips:
Determine What Estate Planning Documents You Must Update
After your divorce, you may need to update documents such as your will, IRA and 401K accounts, any trusts, powers of attorney, and life insurance policies. In general, your documents will dictate how your estate will be administered. Even if your divorce has been completed, these documents cannot be automatically rendered null and void. Thus, you must update them accordingly.
Ensure Your Estate Planner Gets Your Divorce Papers
Your estate planner must know your obligations under your divorce agreements. For instance, you may need to keep you ex as named beneficiary on some accounts. Also, having your divorce documents will guarantee the consistency of your updated estate plan with your divorce, particularly in terms of child custody and support matters.
Considering Revoking or Revising Your Wills and Truss
Once your marriage is ended, you may not want your ex to inherit your assets. Also, you want to make sure your former spouse has no control over your estate if your will or trust named them as executor or trustee, respectively. So, consider revoking your will or trust, revising an existing one, or getting a new one.
Update Your Beneficiaries
Investment funds, retirement accounts, and insurance policies usually require naming a beneficiary when you pass away. Take your time reviewing your insurance policies and financial accounts and eliminate your former spouse as a beneficiary.
Get Powers of Attorney
Any powers of attorney that offer your ex the deciding power for you should also be revoked. This can include financial issues and medical directives. Obtain new powers of attorney that name a loved one or trusted friend to make essential decisions on your behalf when you become incapacitated.
