A divorce is almost always an upsetting event that requires time, energy, and changes to your everyday life. There are many legal and financial challenges to overcome, but a knowledgeable estate planning attorney could make the process less stressful.
Learn more today about which estate planning documents are vital to update when you are in the middle of a divorce. Our legal team at Amity Law Group, LLP could navigate the separation process and help you make informed decisions.
As an individual faces various changes to their personal life due to divorce, several updates should be made to estate planning documents, including the following:
Individuals will have to update their will if their marriage ceases to exist. Similarly, this is an excellent time to make a will if they do not currently have one.
People going through a divorce might also need a new Healthcare Proxy, someone who makes medical-related decisions on their behalf. Naming new beneficiaries and powers of attorney will help them receive assets or money from a will or trust.
Part of an estate plan includes updating life insurance policies, retirement accounts, and paying on death accounts (TOD). It would be best if individuals also considered a trust to handle child support and direct funds to their heirs post-divorce. Guardianship documents are equally crucial to revisit to discuss the sole provider for children. All these documents should be considered and kept with other Estate Plans during the divorce process.
It is suggested that people assess and make changes to their Estate Plan every three to five years or after a significant life event like divorce. Updating these documents could be beneficial for accessing assets. For example, a former spouse will automatically be revoked on a will after a divorce.
If a person fails to revise their Estate Plan promptly, it can end up in the hands of someone for whom it is no longer intended. Meeting with an estate planning legal professional is the first step before making impactful changes to documentation after a divorce.
A hardworking estate planning lawyer could help you draw up your documents to plan where your assets are going. Reach out to the Amity Law Group today for guidance through this difficult time. It is crucial that you contact us as soon as possible to revise your estate plan post-divorce.
Amity Law Group, LLP
