You'll have a lot to organize after your divorce process. Not only will you have a new life routine, new schedules for your children and new budgetary concerns, but you'll also have some tasks to complete regarding your estate planning.
You might be tempted to take a rest after your divorce, and worry about your will and estate planning documents later. However, it's vital that you make changes to your estate plan as soon as possible. These changes will prevent your ex-spouse from unintentionally inheriting benefits and assets that should go to your children and other heirs.
Areas of concern for your estate plan after divorce
Here is some advice to follow regarding estate planning updates after a divorce:
-- Get a new estate planner: Although it may be tempting to go to the same estate planner that you and your spouse used during your marriage, it's better to choose a new advisor to prevent conflicts.
-- Choose new proxies: A proxy is someone who can act on your behalf in the event you become incapacitated. These could include your health care proxies, powers of attorney and other individuals. You'll want to make sure that these are not your former spouse. The new documents need to revoke the previous proxy and replace the previous documents.
-- Update your beneficiary designations: It doesn't matter if you write a new will that states all your assets should go to specific people. If the beneficiary designations on your insurance and financial accounts say something else, these designations will supersede your will. Be careful to ensure that you haven't missed or forgotten about an account when it comes to beneficiary designations.
-- Clarify any enduring beneficiary arrangements: Sometimes a spouse will remain a beneficiary of an insurance account or a retirement account as per the divorce agreement. Be sure to update beneficiary paperwork to clarify this, and request that the financial companies provide confirmation of any beneficiary changes.
An attorney can take care of your estate planning details
It's easy to make a mistake when doing estate planning on your own, but with the assistance of an experienced lawyer, Ohio residents can safeguard their estate plans after divorce. A family law and estate planning lawyer will help you rest peacefully knowing that you've tended to all the necessary details of your estate plan.