No one has ever accused going through a divorce of being boring. Even though the process can last years, it is often overwhelming. It can be stuffed to the brim with things required from both spouses, ranging from signing agreements to changing their last name. One of the most important aspects of the divorce process is often overlooked: changing your Estate Plan.
An Estate Plan is a legally binding plan that outlines what you want to happen to your remaining money (assets) and property and belongings (estate) after you pass away. Most couples, especially ones with children, create their Estate Plan together. Estate Planning can happen through Last Wills and Testaments, Trusts, health care forms, and much more.
You might assume that your Estate Plan would automatically be void after a divorce, but that is not the case. Your Estate Plan remains the same unless you change it manually. While it might sound ridiculous that a Judge would still give all of your belongings to your ex after your divorce, that is the way it goes unless you work with an attorney to update your Estate Plan. Here are some things that you need to update following a divorce:
Will
If you wrote your Last Will and Testament during your marriage, it probably prominently features your ex-spouse. You will need to update it to whatever level you would like them to be involved at now – whether that is receiving any of your stuff, taking care of your estate, or entirely uninvolved. If you made a Joint Will with your spouse, you will have to speak with an attorney about your options for creating a new individual Will.
Trusts
If your spouse is a beneficiary of any Trusts you have set up, you will want to work to change that. Creating new Trusts can also be a good option to give money directly to other beneficiaries and keep it safe from a probate court where your ex-spouse could be involved.
Health Care Documents
A Power of Attorney grants someone else the right to take care of you and your financial accounts if you become incapacitated. Similarly, a Health Care Proxy allows someone else to make medical decisions for you if you are unable to. We’re guessing you will want to change these and not keep your ex as being in charge of your bank account and life if any emergencies happen.
Retirement Information
Retirement information is more difficult to change than your Will, but just as important for your future. Speak with an attorney about your current retirement options and how you can protect them from your ex-spouse.
Get the Help You Need
If you have recently been through a divorce, you need to waste no time in updating your Estate Plan. If you want real legal solutions for real people, contact Velazquez Consumer Law, LLC today to get started! We provide solutions and shield you from surprises.
Velazquez Consumer Law
