How To Plan Your Estate After Divorce
When you are married, most decisions are made jointly. Which house to buy, where to vacation, and how to invest your money are high on the list of things couples decide together. But, after the marriage ends, those decisions are now yours and yours alone. If you have children, you will want to update your will and other estate planning documents to reflect your new single status.
The way your estate is distributed after your passing is governed by probate law. Some of the things you will want to take a second look at after a divorce include:
- Designation of beneficiaries: be sure and update your beneficiaries on life insurance policies and investment accounts after your divorce. Failure to make these changes could mean your ex-spouse still reaps the benefits of these policies.
- Your will and/or trust: any bequests made to your spouse in a will or trust should be changed if you are getting divorced.
- Designation of caregivers: prior to a divorce you and your spouse may have designated a certain family member to provide care to your children in the event of the simultaneous death of both parents. But, post-divorce you will want to make changes to these designations if the person charged with caring for your child is a member of your ex-spouse’s family.
Keep in mind you should only make these changes if they are ones you believe to be in your best interests, or the best interests of your kids. The goal is not to take your kids away from their family, but to make sure your final wishes are honored. If your kids enjoy a healthy relationship with your ex-spouse’s family, try to make choices that do not disrupt those relationships. A skilled family law attorney can give you advice on what needs changing, and what can remain intact.
For answers to questions about divorce, and estate planning call an experienced family law attorney today. We understand the importance of reaching satisfactory resolutions that fit your expectations, and create strategies specially designed for the needs of your case. Call our office today to schedule an appointment.