Editing Your Estate Plan After a Divorce
After a divorce, you’re going to want to take a few steps to update your estate plan. Otherwise, your ex-spouse could still be included in your plan and receive many of your assets upon your death.
Here are a few steps that you can take to alter your estate plan after your divorce:
- Start your will from scratch. If you already had a will prepared, it’s probably easier to just begin from scratch with a new will. In most cases, people leave the vast majority of their possessions to their spouse in their will. Starting a new will forces you to go back and reconsider all of your assets and how you want them distributed after your passing. You have the chance to name new beneficiaries and alternate beneficiaries, and create an updated estate plan that better reflects your current life situation.
- Update beneficiaries on other documents. Various other documents likely had your ex-spouse listed as the primary beneficiary. These documents could include life insurance policies, retirement accounts like 401(k)s and IRAs, transfer-on-death brokerage accounts and pay-on-death bank accounts. You may have to request new documents to fill out from the agency in charge of each of them. Always take any necessary extra steps to ensure that your ex-spouse is no longer listed as a beneficiary. Confirm multiple times if necessary.
- Update your power of attorney. Your ex-spouse likely had the power to make medical decisions on your behalf in certain circumstances. You will want to make sure that the documents outlining your power of attorney preferences are updated so that someone else that you trust now has that ability.
For more tips and guidance on how to modify your estate plan after you go through a divorce, consult the skilled Florida lawyers at the Charles Law Offices.