Estate Planning Essentials After Divorce

Reassign Powers of Attorney

Going through a divorce is tough enough without the added stress of outdated legal documents. After separating from your spouse, it's crucial to reassess the powers of attorney you may have put in place. During marriage, it's common for partners to entrust each other with medical and financial powers of attorney. However, post-divorce, you must revoke these to prevent unintended authority over your personal affairs. Consider appointing a sibling, adult child, or trusted friend instead so the right person is making crucial decisions on your behalf.

Redesignate Beneficiaries

Your life insurance policies and retirement accounts likely have beneficiary designations that bypass probate, going directly where named. It's vital post-divorce to update these designations. Request new forms to remove an ex-spouse and select someone better suited to receive these benefits. The process might seem straightforward, but missing out on these updates could mean your former spouse receives more than just your memories.

Update Will and Trust

Divorcing or not, a will is the cornerstone of any solid estate plan. After a divorce, immediately rethink your existing will or trust. Without revocation, an ex-spouse could inadvertently benefit, regardless of the divorce. It's essential to reassess and redefine your heir(s) so your estate truly reflects your current intents. If you have minor children, enshrining a legal guardian within your estate documents becomes paramount. This decision safeguards your children and manages any assets as intended should both parents pass away or become unfit.

Navigating estate planning after a divorce can feel daunting and potentially overwhelming. However, it's a necessary journey to protect both yourself and your loved ones. By acting swiftly and seeking professional guidance, you can ensure your estate plan aligns with your present reality. Make the decision today, and consult with an estate planning attorney to review and revise essential documents to bring future peace of mind.