Going through a divorce or dissolution can be a tedious, time-consuming, and emotional process. Receiving the final decree can feel like a huge relief; however, there is another important thing to consider after your divorce is final. Planning for your future changes dramatically after your marriage ends.
For those who already have wills, powers of attorney, and living wills drafted during the marriage, it is important to update those documents and remove your ex-spouse from positions that you may not want him or her to retain. You also may want to remove your ex-spouse from receiving any money or property in your will.
Even if you don’t have estate planning documents prior to your divorce, you should create them afterwards. This is especially true if you have minor children, and you need to establish guardians for them in the event of your death. Your children will likely be the people to inherit your property, but they cannot receive your property if they are minors. There are ways you can set up your will and create a trust so as to protect those assets for the benefit of your children.
In addition to creating these documents, remember to update your beneficiary statements on any bank accounts, retirement accounts, stock profiles, etc. The more you can prepare your estate to be distributed after your death, the easier it will be for your family to accomplish.
If you’ve gone through a recent divorce, or if you would simply like to create or update your estate planning documents, call Dailey Law Offices today. We make this process as simple as possible, and we charge affordable flat-rate fees.