Divorce can be hard, especially when it involves retirement and Estate Plans.
Wills, Trusts, and other Estate Planning documents are rarely on the top of one’s mind during the emotional process of divorce. However, it is critical to take the time to secure and update your Estate Plan to reflect your wishes soon after the divorce proceedings. Here’s what you should know:
1. Life Insurance Policies
After a divorce, it is important to review all beneficiary designations. While some states will automatically terminate a former spouse as a beneficiary, you will want to take the steps necessary to ensure that your beneficiary forms are up-to-date.
With the help of your Estate Planning attorney, you can determine which assets can be assigned to new beneficiaries. You may want to consider changing your life insurance beneficiary from your spouse to your updated trust, for example.
2. Estate Planning Documents
In addition to revisiting your beneficiary designations on retirement plans and insurance policies, it would be wise to review and update the following documents:
- Revocable Trusts
- Powers of Attorney
- Health Care Powers of Attorney and Living Wills
- Bank and Brokerage Accounts with “Pay on Death” Provisions
- Titles to Property
3. Additional Considerations
In addition to the items mentioned above, it is also wise to be aware of any possible potential conflicts of interest with your current advisors and find new advisors if necessary. In some cases, advisors may be forbidden from working with one or both spouses because of perceived or actual conflicts of interest.
Dedicated Estate Planning in South Florida
If you are dealing with Estate Planning questions during your divorce, you’ll want the assistance of a knowledgeable attorney. An experienced Estate Planning attorney can help you determine the necessary revisions to your Wills, Trusts, and other Estate Planning documents.
If you would like to speak with an attorney about updating your Estate Plan, please do not hesitate to call Barry D. Siegel at the Siegel Law Group at (561) 955-8515 or (855) FLA-ESTATE for your no-cost, no obligation consultation.