How to Update Your Estate Planning After a Divorce

How to Update Your Estate Planning After a Divorce

During the dissolution of any marriage, there are many factors that each partner must consider to make the process as transparent and smooth as possible. This process is especially important when it comes to estate planning.

During the dissolution of any marriage, there are many factors that each partner must consider to make the process as transparent and smooth as possible. All shared accounts, properties, and other matters are typically separated according to court orders or civil settlements. This process is especially important when it comes to estate planning.

Draft New Documents

Divorce means that the two partners involved will no longer be married, or have shared assets and plans. In such situations, you should revoke and draft new versions of your living trust and will to reflect the changes in your life. If you don’t currently have either of these documents ready, this would also be a good reminder to have them drafted during your revised estate planning process.    

Name a New Executor

Being that it is the executor’s responsibility to carry out the terms of the will, having the person that you’re divorcing in this position may not be what you want moving forward. Instead, name a new executor to ensure that your future requests are carried out in the way that you desire.

Name a New Guardian

Any divorcing couples who have children together must ensure that the guardian of their choice is named and notified. This rule holds true even if that person is your ex-spouse. In situations where you would not want your ex to be the guardian of your children in the event of your death, consult your attorney about your concerns and options regarding this issue.   

Name New Beneficiaries

It’s likely that one of the most pressing items on the list of changes you should make to your estate after a divorce is changing your beneficiaries. Updating your beneficiaries is especially important for your life insurance policies and retirement accounts. Once done, you must sign and return relevant papers to those parties as soon as possible after the divorce has been finalized.

Name a New Power of Attorney

Who you designate as power of attorney is crucial when it comes to arranging your estate. If your ex is named in this position, you may want to consider changing that to another friend or relative to ensure that your requests are met as you desire. This change is made by revoking your current power of attorney and updating those documents.

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 arrange an appointment at (703) 549 5551 or connect with us on Facebook and Twitter.

 

This entry was posted on Friday, November 3rd, 2017 at 12:47 pm. Both comments and pings are currently closed.

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