The process of going through a divorce can disrupt your life in ways you never imagined. While this is a stressful and heartbreaking time, at the law office of Gregg R. Lewis, Esq. - Harry Lewis Co., LPA, we know that there are certain legal matters that must be taken care of sooner, rather than later. For you and other Ohio residents, this means updating your will and handling other estate planning matters before your divorce is finalized.
Why do I need to do it now, instead of after my divorce is final, you may wonder? As you know, life can be unpredictable. You may pass away unexpectedly or suffer an incapacitating injury while you are still legally married, which can prove problematic at best if your spouse is still the executor of your will or can make financial and medical decisions on your behalf. Forbes recommends making the following updates to your estate planning while you are going through your divorce:
- Revoke your old will and create a new one, changing the executor if necessary.
- Change your life insurance beneficiary, as well as who is entitled to your retirement accounts when you die.
- Decide if you want to leave non-marital property to your spouse or another person in your will.
- Update the beneficiary on pay-on-death bank accounts and brokerage accounts.
- Change your power of attorney and living will.
Putting this matter behind you can give you peace of mind and let you focus on starting a new life after your divorce. Updating your estate planning need not be a complicated task, as our page explains.