Divorce can be difficult, but it’s important to remember that it’s not the end of your story. After your divorce, you’ll need to reassess your estate plan to ensure that it reflects your new circumstances. Here are some tips to help you navigate the process:
1. Update your beneficiary designations
After a divorce, it’s important to update your beneficiary designations on all of your accounts, including life insurance policies, retirement accounts, and bank accounts. If you don’t update your beneficiaries, your ex-spouse may still be entitled to these assets.
2. Consider a trust
If you have children from your marriage, consider setting up a trust to manage their inheritance. A trust can ensure that your children responsibly receive their inheritance and can protect their inheritance from creditors or a future ex-spouse.
3. Review your will
After a divorce, you’ll need to review your will to reflect your new circumstances. You may need to update your beneficiaries, appoint a new executor, or make other changes to reflect your new wishes.
4. Consider a power of attorney
A power of attorney is a legal document that allows someone else to act on your behalf if you become incapacitated. After a divorce, consider appointing a new power of attorney to ensure that your ex-spouse doesn’t have this authority.
5. Consult with an estate planning attorney
Estate planning can be complex, especially after a divorce. It’s important to consult an experienced estate planning attorney who can help you navigate the process and ensure your estate plan reflects your new circumstances.
Orange County Family Lawyers
At Sullivan Law & Associates, we can help you navigate the estate planning process and ensure that your estate plan reflects your new circumstances. Contact us today at (949) 590-8100 to learn more.
Sources:
- https://www.legalzoom.com/articles/5-estate-planning-tips-for-after-a-divorce
- https://www.forbes.com/sites/catherineschnaubelt/2020/02/18/estate-planning-after-divorce-what-you-need-to-know/?sh=6f7b5f6c2a2c
- https://www.nerdwallet.com/article/investing/estate-planning-after-divorce