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Review your estate plan when your marriage ends

On Behalf of | Oct 11, 2019 | Divorce

People who are going through a divorce are often so focused on getting things with the split finalized that they forget to plan for the future. You know that you will have to go through property division and child custody matters, so they quickly become the priority.

You also need to think about what needs to happen with your estate plan. You likely have it set up for what it should have been during the marriage. This is going to have to change now because if it doesn’t, there is a good chance that everything will go to your ex. Unless you want this to happen to help your children, you need to review things and make appropriate changes.

The end of a marriage is a good time to revamp your will. You can get this set up so that it does address the needs of your children in case something happens to you. Setting up wills and outlining your wishes in the will can make the situation easier for your loved ones after you are gone.

You can also set up your new end of life plans. Make sure that you set up the power of attorney designations for your finances and health care since you probably don’t want your ex making those decisions for you.

Finally, review your financial accounts and insurance policies. These should have a payable upon death designation. You might have named your ex on this when you were married. Changing this to someone else now that you are divorced is possible.

Once you have everything set up to reflect your new life, you must plan on reviewing it periodically. This might be sooner than you think because you should double-check it once the divorce settlement is finalized and everything settles down.