As you move through the divorce process, you will face questions and concerns related to your personal life and finances. At some point, before too much time passes, you should review your estate plan to determine what changes, if any, should be made.
Here are five questions that can help you better understand your situation:
- How can you ensure that your life insurance proceeds and other assets will be passed to the appropriate party, such as your children, upon your death, not your former spouse?
- What will happen to your minor children in the event that you pass on before they reach the age of 18?
- If you decide to remarry in the future, how will this impact the estate plan you currently have in place?
- If you make any changes right now, will it affect your tax situation?
- What types of estate planning documents deserve your attention?
As you make your way through these five questions, you will be faced with the task of finding important answers. For example, there are many estate planning documents to revise, such as:
- Powers of attorney
- Revocable trusts
- Life insurance beneficiary designations
- Retirement account beneficiary designations
Divorce is never fun. Divorce can take a toll on your mental state. Even so, you have to make key decisions along the way. This is particularly true when it comes to your estate plan.
By answering the questions above, you will have a better idea of what to expect in regards to estate planning after divorce.
If you need any help during this difficult time, don’t hesitate to reach out. We are more than happy to answer your questions and provide you with advice. You may feel alone, but we are here to help.