Your divorce is behind you. But your estate documents are still “married.” Now is the time to reevaluate your estate plan so you’re not forever tied to your ex-spouse. When you’re estate planning after a divorce, there are several key issues to think about, according to an article in Forbes magazine.
Often, we name our spouses as executors and trustees of our wills and trusts and designate them as our “Power of Attorney.” The article noted that, following your divorce, it’s a good idea to change these designations to a trusted friend or relative. Also, you’ll want to update your health care proxy, so that your ex-spouse is not the one who makes health care decisions for you in the event of an emergency.
Wills and trusts have beneficiaries; so do retirement plans and life insurance policies. Review and revise the beneficiaries to ensure the correct people will receive assets upon your death. If you have minor children, think about establishing a trust. Your ex-spouse will likely become the guardian if you pass away, but you may designate a guardian if your ex is determined by the court to be unfit, or in the event your ex-spouse predeceases you.
These are just a few of the recommended estate planning steps to review following a divorce. There are others, not the least of which is considering a prenuptial agreement should you choose to remarry. To be sure you are taking care of these and other important measures, contact the Bucks County divorce lawyers at Williams Family Law: call 215-340-2207 or email firstname.lastname@example.org.