Once you and your spouse sign a divorce agreement using the collaborative divorce process, there will still be a few loose ends that need to be finalized, and updating your estate plan is an important step to complete.
Thinking about how your investments will be treated after your passing may not be a comfortable process. Nevertheless, it is very important to get your final wishes updated as soon as everything with your divorce is finalized.
Many statements in your original estate plans were most likely earmarked for your ex-spouse to receive, but since divorcing, your estate affairs and bequeaths have changed, and for this reason, an update needs to occur. Here are some areas of your estate plan that need updating:
• Change your beneficiaries
• Update your Will
• Update your power of attorney, healthcare and financial proxy
• If you have children under the age of 18, revisit guardianship
• Consider a trust if your estate is complex or financially large
• Update your life insurance beneficiaries – consider taking out a higher payout to cover your debt and care for your minor children
• Revisit any TOD (transfer on death) accounts you may have
Divorce is never easy. It’s not a once-and-done process; it can linger throughout the rest of your life, and that can be stressful even after your divorce is finalized. Taking action to update your estate plans is a crucial step to complete because then you can have peace about how your estate is executed.
Our team at Family Divorce Solutions is comprised of experienced, licensed and trained attorneys, mental health professionals and financial neutrals. Our goal is to get both parties together and quickly come to a solution without going to court.
For your divorce, you have a choice! You control the choices and the outcome!
Contact us today to see how our team of collaborative divorce experts can help you prepare for your upcoming divorce without going to court.
Note: This information is general in nature and should not be construed as legal/financial/tax/or mental health advice. You should work with your attorney, financial, mental health or tax professional to determine what will work best for your situation.