Estate planning is a great tool for managing how you want your assets divided in the event that something happens to you. The great thing about estate planning is that you can always change or make edits to your plan. So, if you are working through a divorce or just out of a marriage, now is the time to reevaluate your estate plan and make updates to reflect your recent life changes. Keep reading to find out more about the types of changes you may need to make, and how Craft Law Offices can help!
Retract Your Will
Immediately following a divorce, you should revisit your will and make any necessary changes. Because a will is the legal document that determines all of your final wishes for your property and assets, you will want to make these changes as soon as possible. If you do not make changes and something happens to you, your assets may not go to the person you want to receive them. Everyone should have a will, no matter how many assets you have. When life happens, having an updated and accurate will can protect your family and loved ones. As soon as your divorce is final, you should make any necessary changes to your will to avoid any issues down the line.
Update Beneficiaries and Power of Attorney
When updating your will, you should be sure to review all of your policies and accounts and confirm who you have designated as your beneficiary and power of attorney. If your ex-spouse is listed as either, you should change those to someone new that you trust. For financial accounts, whoever is the beneficiary would receive those assets if something happened to you. You should also replace your ex-spouse if they are listed as your healthcare or financial power of attorney, and give that role to someone else. An experienced estate planning attorney can help you cover every base to ensure all the correct documents have been updated to avoid confusion and inaccuracy.
Updating Trusts
A trust is a bit different from a will – it allows someone else to manage your assets on behalf of the beneficiaries, is put into effect immediately, and avoids probate. Basically, a trust is a way to hold on to assets and property during life, after death, or in the event of incapacity. Speak to a professional estate planning lawyer and consider creating a trust – this allows you to direct your funds without anyone else interfering.
Review Guardianship
Now that you are divorced, or almost divorced, you may also want to revisit who you have listed as your child’s legal guardian in case of emergency. You may want to consider listing a family member or loved one if you have struggled with custody issues in your divorce. If your children are young, it is important to consider who will be responsible for them if something were to happen to you. Make your wishes for your children clear and specific so there is no question if the time comes.
Life Insurance and Retirement Accounts
Don’t forget to update any life insurance policies and retirement accounts to reflect your divorce and to replace your ex-spouse as the beneficiary. Make these changes quickly to prevent any overlap. Your will does not usually direct your retirement accounts, so make sure you update every document to ensure your assets go where you intend them to. A licensed estate planning attorney like Leslie Craft can help make sure every necessary document has been updated to reflect your wishes and prevent any issues with your ex-spouse.
Make it Simple
Protect yourself and your children by simplifying the process and making it manageable. Hire Leslie Craft from Craft Law Offices to walk you through each question, decision, and document with ease and support. This will ensure that nothing slips through the cracks and that your assets are covered and distributed in the way you want. Life changes, and the Craft Law Offices team is here to help you manage those changes with compassion and care. Schedule a free consultation with us today to see how we can help make your situation easier – 252-752-0297.
