Things to Consider About Your Estate Planning After Divorce
There are many things you need to change in your life following a divorce. At some point, however, you should consider changing your estate planning documents either during the divorce process or shortly thereafter. Even if you do not have a substantial estate, estate planning can also consist of the durable power of attorney and other matters that you may want to assign to a different person in your life other than your ex-spouse. If you fail to change the designations on these documents, such as a last will and testament, your ex-spouse could be entitled to part of your estate, or make decisions regarding your health care if you become disabled or are needing end of life decisions made on your behalf.
Correctly Update Your Documents
You should make sure to update all of your estate planning documents in writing and then have them executed appropriately to ensure their legality. Contacting an experienced estate planning lawyer will help ensure that you not only execute the estate planning documents correctly, but that they reflect your true wishes.
Choose New People
You should ensure that you look through all of your estate planning documents to see who your beneficiaries, trustees, executors and personal representatives currently are, and whether or not you want those designations to change. If your ex-spouse was listed with any of those responsibilities or benefits, you may want to make some changes regarding that in your estate planning documents.
Consider Possible Disability Planning
If you become disabled as a single person, you will not have a spouse to take care of you every day. Every person should consider the scenario that he or she may become disabled at some point in life and reflect that in any estate planning documents. There are specific estate planning tools that will allow you to use and keep your money during your lifetime if you become disabled. Consider who you would place in charge as a trustee, and if your ex-spouse is currently listed on those documents, you may want to make a change.
Consider Your Children
Of course, most people have their children in the forefront of their minds when they are estate planning. However, make sure to think about what would happen if you became disabled, or if your children needed a trustee for assets. There are many things to consider if you have minor children, and how you would want them to be taken care of after you pass away. If you have special needs children, there are even more issues to consider. Finally, if you have adult children, you will want to ensure that your estate planning documents are executed in such a way that they have no challenges when they attempt to receive your assets after you pass away.
Meet With an Experienced Estate Planning Lawyer
There are many things to consider following a divorce, including changing the titles and names on all important documents as well as your estate planning needs. If you are facing a divorce or have recently been divorced, contact an experienced divorce attorney at the law firm of Giro Law at 201-690-1642 to help you understand your legal rights regarding your estate plan today.