If you have been through a divorce, you should consider completely updating your estate plan. Even if you do not have significant assets, a divorce will change how you want those assets distributed. If you fail to change your last will and testament, living will or other estate planning documents following a divorce, your ex-spouse may be legally entitled to a large portion of your estate. Consider changing the following provisions in your estate plan following your divorce.
Make All of Your Estate Planning Updates in Writing
Whatever new decisions you make regarding your estate planning choices, you should make sure that your estate plan specifically reflects your wishes by changing or creating any new documents through writing. You should contact an experienced estate planning attorney to help ensure that your documents are executed correctly.
Choose a New Beneficiary, Trustee, Executor or Personal Representative
Make sure after a divorce to look at all your documents regarding your estate. You should consider changing your beneficiaries and who you may have appointed as a trustee, executor or personal representative. Change those designations if your ex-spouse was listed.
Disability Planning
You no longer have a spouse who may have cared for you if you become disabled. It is important to address the fact that you may become disabled in your lifetime. If you do, you should decide who will be responsible for your finances and health-related decisions. Make sure to choose this person wisely and choose an estate planning tool that will allow them to have access to your assets within your lifetime if you are disabled.
Planning for Minors
If you have minor children, you will want to consider how they will be taken care of if something were to happen to you. After a divorce, you will want to ensure that your estate passes on to your children as easily as possible.
Income Tax
Your estate will be taxed after your death if you do not consider a way to protect your assets. After a divorce, you have special considerations regarding your estate and taxes. Visiting with an experienced estate planning attorney can help ensure that your estate is protected from as few taxes as possible.
Titling of Assets Incorrectly
If you had any assets titled as joint ownership with rights of survivorship for spouses, you may want to see if you can retitle those assets following a divorce. Additionally, following a divorce, you will want to ensure that all your assets are retitled, and remove your ex-spouse on those assets as appropriate.
Meet with an Experienced Estate Planning Attorney
The most important thing to consider about your estate planning after a divorce is to meet with an experienced estate planning attorney. You want to ensure that your ex-spouse is removed from your estate planning documents and new estate planning documents are executed correctly. Contact the experienced estate planning attorneys at McCunn Law at 916-675-3927 786-776-0130 or online today for a free consultation.
