In part I, we discussed that one of the first steps you should take after getting your divorce decree in hand is changing the beneficiary designations for any of your relevant accounts. It is a five minute process that would save your loved ones immeasurable confusion and contention later on.
As you review and change your beneficiary designation, you should begin thinking about and updating your estate planning documents and reviewing your retirement plans. If your estate planning documents are not updated to remove your spouse, they may still be able to receive what you previously allocated to them in the event of your death. Even if state law precludes this outcome, your documents will likely not reflect your current intentions.
If you have not already done so, you should either create or revise the following types of estates documents following your divorce:
- Will;
- Living Will;
- Durable Power of Attorney;
- Healthcare Power of Attorney; and
- Trusts
Meet with your attorney to review these documents. This will provide you some peace of mind and control over who will be taking care of you in your older years and who will be getting your possession when you pass. Avoid putting this off, in the event of your untimely death you want to ensure that your wishes are carried out when it comes time to disburse your assets.
Life is hectic and unpredictable, but taking the right steps now can help reduce your stress and help you take back control of your life after divorce.
If you need guidance with your estate planning needs, please do not hesitate to contact a member of our team.
