Going through a divorce can be a complex process, and it is expected you will feel overwhelmed and possibly forget about some important legal issues that need your attention. Estate planning is one of these issues that is often overlooked. Estate planning after a divorce differs from estate planning before a divorce because ensuring that your wishes are carried out and any new circumstances are properly addressed is essential.
1. Update Your Will
One of the first things you need to do after divorce is update your will. You may need to change who your beneficiaries are and who will carry out your wishes. Updating your choice ensures that your ex-spouse does not inherit your assets. After a divorce, you may also want to consider getting a new power of attorney, which allows someone to act on your behalf in financial and legal matters if you cannot.
2. Consider Your Trusts
If you have a trust, you need to review it and make changes if necessary. A trust is a legal arrangement where a trustee holds and manages assets to benefit one or more beneficiaries. If your ex-spouse is currently a beneficiary, you may want to remove them or change the terms of the trust.
3. Review Your Retirement Accounts and Life Insurance Policies
Review your retirement accounts and life insurance policies to ensure they are updated regarding your beneficiaries. You may have named your ex-spouse the beneficiary, but now you must change it to someone else, such as your children. If the beneficiary is not updated, your ex-spouse may receive the benefits even if you passed away years ago.
4. Think About Custody of Your Children
If you have children, you need to think about the custody of your children in the event of your death. If you do not specify who will be the guardian of your children, then the court will decide. You may want to make sure you choose someone responsible and will raise your children according to your beliefs and values.
Estate Planning Attorneys in Charlotte
At Rech Law, P.C., we understand the complexities of estate planning after a divorce. Our experienced attorneys are dedicated to providing tailored solutions to meet your unique needs. Contact us today at (704) 659-0007 to schedule a consultation and let us guide you through the estate planning process.