Divorce is a complicated process, and it can be tough to think about the future after your split. One thing that often gets overlooked during divorce proceedings is estate planning.
What will happen to your assets after you die? Who will inherit them? If you have children, who will care for them if something happens to you? These are all critical questions that need answering.
What should you consider in your post-divorce estate plan?
Once you have finalized your divorce, it is essential to take a close look at your estate plan and make any necessary changes. You will need to update these documents if you have named your former spouse as a beneficiary in your will or life insurance policy. You may also want to consider changing your financial power of attorney and healthcare proxy if you have named your ex-spouse as your agent.
In addition, if you have established revocable trusts as part of your estate plan, you will need to determine whether these trusts still meet your needs in light of your divorce. Finally, it is vital to review your beneficiary designations on all your accounts (e.g., retirement accounts, brokerage accounts, etc.) and ensure they are up-to-date.
You will also want to ensure that your children are taken care of financially, which can be done by creating a trust fund or designating a guardian in your will.
There are several factors to consider, so you should work with someone experienced in estate planning. By taking these steps, you can ensure that your estate plan reflects your current wishes and protects your assets in the event of your death.