Going through a divorce is undoubtedly a challenging time, and amidst the emotional upheaval, it's crucial not to overlook the importance of updating your estate plan. Failing to make necessary adjustments can lead to unintended consequences and potential disputes down the line. In this blog, we will discuss the essential steps to take when it comes to estate planning after a divorce, ensuring your assets are protected and your wishes are fulfilled.
1. Revisit Your Will & Beneficiary Designations
After a divorce, it is vital to review and update your will to reflect your current circumstances accurately. Start by removing your ex-spouse as a beneficiary and appointing new beneficiaries for your assets. Additionally, make sure to take the time to reassess your chosen executor, guardian for minor children, and any other designated roles within your will.
2. Update Your Power of Attorney & Healthcare Proxy
During a divorce, it's crucial to reevaluate who you trust with making financial and healthcare decisions on your behalf. Review and update your power of attorney and healthcare proxy documents to ensure they reflect your current wishes. Consider appointing a trusted family member or friend who will act in your best interests.
3. Secure Your Children's Future
If you have children, their well-being should be a top priority when revisiting your estate plan after a divorce. Ensure that you have appointed a guardian who will provide a loving and supportive environment for your children in the event of your untimely passing. Discuss this responsibility with the chosen guardian to ensure their willingness to take on this role.
4. Protect Your Assets
Divorce often involves a division of assets, and it's essential to safeguard your share. Consider establishing a trust to protect your assets from potential creditors or future legal disputes. A trust can also provide guidelines for the distribution of assets to your children or other beneficiaries, allowing you to maintain control even after your passing.
5. Consult with an Experienced Estate Planning Attorney
Estate planning after a divorce can be complex, and seeking professional guidance is crucial to ensure you cover all necessary aspects. An experienced estate planning attorney, such as Pearson Butler, can provide personalized advice tailored to your unique circumstances. They will help you navigate the legal intricacies, address any concerns, and create a comprehensive estate plan that aligns with your goals.
Begin Estate Planning with Pearson Butler
Divorce brings significant changes to your life, and updating your estate plan should be a priority during this transition. By revisiting your will, updating beneficiaries, appointing new roles, protecting your assets, and consulting with an experienced estate planning attorney, you can ensure that your wishes are honored and your loved ones are taken care of. Take proactive steps today to secure your future and provide peace of mind for yourself and your family.
At Pearson Butler, we understand the complexities of estate planning after a divorce. Our team of skilled attorneys has years of experience in estate planning and divorce cases and is dedicated to assisting clients in South Jordan, UT and beyond. Contact us today to schedule a consultation and let us help you navigate this crucial aspect of post-divorce life.
Pearson Butler is available by phone at (800) 265-2314. You can also send us a message online.
