Ask an Estate Planning Attorney in New Jersey: Strategies for Estate Planning Following a Divorce (Part I)
This is a continuing series on strategies for estate planning following a divorce. Keep in mind that when a divorce action is commenced in New Jersey, an automatic restraining order is placed on all of the couple’s assets, which includes life insurance policies, pensions, 401k plans, and other retirement benefits. That means that neither spouse can make a change or take a distribution from these accounts without a court order. Below are more items to think about and change with respect to your estate plan following a divorce.
- Update your will: Remove your ex-spouse from your will and appoint a new executor or person responsible for distributing your gifts following your death. If you have young children, think about guardianship options and naming an alternate guardian, in the event your former spouse dies or loses custody of the children at a future date.
- Review all agreements involving your former spouse: Make sure you review any pre or postnuptial agreements and your divorce settlement agreement to make sure you are not obligated to keep your former spouse as a beneficiary. Your updated estate plan should account for any continuing legal obligations.
- Amend your trust: Revocable trusts may need to be amended in the event of a divorce. This is also a good time to ensure that all of your children are provided for if more were born from the date you created the trust to date of your divorce or birth of last child with your ex.
Contact an Estate Planning Attorney in New Jersey Today
One of the last things people think about when they are getting a divorce is updating or creating their estate plan. Estate planning is not something you undertake for yourself alone. You do it for your loved ones to help your family after you pass on. Your ex-spouse may no longer be in the picture, so thinking about and updating your estate plan should be an immediate step following your divorce. The Giro Law Firm serves the Bergen County, New Jersey community and surrounding areas. We help individuals with all of their estate planning needs, including the drafting of wills. Make sure that your belongings are left to the people or organizations that you choose with limited headaches and fees to them to receive your gift. A will is not the only thing an estate planning attorney does. Talk to the Estate Planning Attorney New Jersey today about powers of attorney, health care proxies, and Medicaid planning for long term medical care.
The Giro Law Firm is a New Jersey and New York law firm located in Newark, NJ that handles a wide range of legal matters that affect the elderly and disabled populations, including retirement, guardianship, health care, long term care planning, Social Security, Medicare/Medicaid, among other legal services. To request a consultation with an Estate Planning Attorney New Jersey, click here or call (201) 690-1642.