Estate planning is essential following a divorce or remarriage.
Should a divorce come along in your life you will most likely face plenty of decisions and paperwork but you should be aware that more legal and financial paperwork is in your future, according to Splitopia in “Protect Those You Love in Divorce, and Remarriage.” And, ignoring those details can create many problems that could have been avoided.
These other things you still need to do include:
- Change Your Estate Plan – Your estate plan likely had your former spouse receiving much of your property. It should be changed immediately after your divorce is final. It should be changed again to include your new spouse when you get remarried.
- Update Beneficiaries – If you have any life insurance policies, retirement accounts or transfer on death bank accounts, then you need to make sure those are changed as well to make sure your former spouse is not a beneficiary on them and to include your new spouse if you want to.
The last thing you may want after a divorce or remarriage is to deal with more legal issues but an estate planning attorney can guide you through the process to protect your loved ones with a plan that fits your specific needs.
Reference: Splitopia (Oct. 5, 2016) “Protect Those You Love in Divorce, and Remarriage.“
