When you go through a divorce, there are so many things that you have to consider. From arranging for the well-being of your children and other loved ones, to dividing up your assets, the divorce process can be a head-spinning ordeal. Therefore, it’s not surprising that many people overlook the question of estate planning when they split up with their spouse. But because your financial situation is likely to look completely different after a divorce, it’s important that you update your wills and trusts as soon as possible.
What to Do Post-Divorce
The most pressing issue when it comes to post-divorce estate planning is the question of beneficiaries. Chances are that you have your spouse listed as your chief beneficiary on most documents, but now that you are no longer together, it’s unlikely that you’ll want to keep it that way. In addition to wills and trusts, there are numerous other documents in which you may have named your spouse as a beneficiary. These include retirement plans, bank accounts, and life insurance plans.
Here are a few other important considerations when it comes to updating your estate documents after your divorce:
- You’ll want to update your power of attorney and health care proxy as well, so that your spouse will not be in charge of your decision-making should you become incapacitated.
- If you have minor children, either with or without your ex-spouse, you’ll need to update guardianship documents to account for both your divorce and possible re-marriage by either you or your ex-partner.
- Consider the tax consequences that come from dividing your assets. Since you and your spouse are no longer married, you’ll have to be sure that any assets you receive in the split will be exempt from taxes.
- If you’ve changed your name upon getting divorced, it’s important to update all your estate planning documents to reflect this fact.
Hiring an Experienced Estate Planning Attorney
Divorce is a complicated process and it’s nearly impossible to sort everything out alone. But just as you wouldn’t go through the proceedings without a divorce attorney, it’s equally important to meet with an estate planning lawyer to ensure that all your documents are up-to-date post-divorce.
Contact the Estate Planning Attorneys at Deliberato Law Center
At the Deliberato Law Center, we have many years of experience helping people ensure that their estate plans are watertight and up-to-date. Do not hesitate to reach out to the Deliberato Law Center today either by calling us at (216) 341-3413 or using the contact form on our website.