Divorce can bring on many big shifts in your life. It is important to document these changes in your estate plan after your divorce is finalized. Here are a few tips on steps you should take to make sure your assets are protected, and your wishes are reflected in your plan.
Removing your former spouse from any beneficiary designation is an important step following a divorce. Updating documents is also a good idea to show the changes that occurred after the divorce, including naming new beneficiaries, updating who has access to your bank accounts, any name changes, and more.
You will likely also want to remove your ex-spouse from making health or financial decisions on your behalf. This is so if you are unable to make any decisions for yourself due to physical or cognitive issues that may occur, then your ex-spouse will not be able to make any crucial medical or financial choices that may negatively impact you and your estate. It is also important to name someone new that you trust, so this person will be able to assist you if you are unable to make these decisions for yourself.
Consider if you want your ex-partner in control of any money, property, or other assets your minor children may inherit from you. If not, you should make sure that your estate plan guarantees that they will have no control over any assets that your children inherit from you.
If these steps are not taken, your ex-partner may have a valid legal claim to various elements of your estate. Give us a call for a free consultation and we will be happy to review your estate plan and assist you in altering it to reflect any life changes.