Working through a divorce is an arduous process full of many major and minor decisions. As a result, many things get lost in the shuffle. Most couples in the process of a divorce completely forget about their estate planning, but divorce is one of the most important times that an estate plan should be updated. Since your divorce changed your financial situation, planning objectives, and beneficiaries, it’s time to update your estate plan today.
Change Your Beneficiaries
One of the first estate planning changes that you should make is changing the beneficiaries of your life insurance and retirement plan. Many people assume that divorce cancels out estate plans that were created as a couple, but it does not. In the event that something happened to you, your spouse would still be eligible to receive benefits. It is important to change your beneficiary to your children or another trusted person so that money will not end up in the wrong spot.
Add Custody or Guardianship Directives
Do you have minor children? It’s important to include custody or guardianship directives into your estate plans. It is perfectly fine if you have a good relationship with your former partner, but it is still important to note who your preferred guardian would be. These wishes are not legally binding, but they do carry a large amount of weight in court.
Take a Second Look at Your Documents
It’s crucial to look over all of your estate planning documents after a divorce with your lawyer. Things like powers of attorney, revocable trusts, your will, and your living will also need to be updated. Working with a lawyer at Carlberg Law Firm will ensure that the entire process runs smoothly from start to finish. Taking a little bit of time to update your estate plans is an important step in planning for the future of your family. If you don’t take the time out now and something happens to you, your wishes will be the same in court as they were before the divorce.
Get Representation from The Carlberg Law Firm Today
Ready to tackle your legal issues head on? The Carlberg Law Firm provides all the experience and knowledge of a larger firm with the personal attention and commitment of a smaller firm. We represent individuals from both the District of Columbia and Virginia, and our attorneys have extensive experience in all aspects of family law.
Our offices are located in a beautiful 1875 historic building in Old Town Alexandria at 413 North Washington Street, Alexandria, Virginia 22314. Please contact us to set up an appointment at (703) 549 5551 or connect with us on Facebook and Twitter.