If you are recently divorced, the aftermath may be a very trying time, and you may be very eager to put legal matters out of your mind for a while. But it is important that your estate plan receive a comprehensive review and update as soon as possible. Here are five steps you should take.
Update the beneficiaries of your will or trust. If you want your assets to go to your children or other family members instead of your spouse, it is important to revise your will or trust. Although your ex-spouse’s claim to your assets may be weak as a result of the divorce, you do not want your estate tied up in court.
Update the executor or trustee. If your ex-spouse is the executor or successor trustee, consider naming someone else to supervise your estate.
Update guardians. If you have minor children, your ex-spouse will, under ordinary circumstances, be their legal guardian if you die. It is prudent to designate another trusted person as backup guardian in case both parents die.
Update medical directives. Consider changing your living will and advance medical directives to designate someone other than your ex-spouse as medical decision-maker if you are incapacitated.
Update retirement and life insurance beneficiaries. The beneficiary designation for these assets is often separate from that of your will or trust.
Learn more from a Virginia estate planning lawyer at the Hook Law Center.
If you are recently divorced, the aftermath may be a very trying time, and you may be very eager to put legal matters out of your mind for a while. But it is important that your estate plan receive a comprehensive review and update as soon as possible. Here are five steps you should take.
Updatethebeneficiariesofyourwillortrust. If you want your assets to go to your children or other family members instead of your spouse, it is important to revise your will or trust. Although your ex-spouse’s claim to your assets may be weak as a result of the divorce, you do not want your estate tied up in court.
Updatetheexecutorortrustee. If your ex-spouse is the executor or successor trustee, consider naming someone else to supervise your estate.
Updateguardians. If you have minor children, your ex-spouse will, under ordinary circumstances, be their legal guardian if you die. It is prudent to designate another trusted person as backup guardian in case both parents die.
Updatemedicaldirectives. Consider changing your living will and advance medical directives to designate someone other than your ex-spouse as medical decision-maker if you are incapacitated.
Updateretirementandlifeinsurancebeneficiaries. The beneficiary designation for these assets is often separate from that of your will or trust.
