Update Estate Planning After A Divorce
If you get divorced, the first thing you want to do is update your estate plan.
It is an easy step to forget, and many people do. They often do not think about estate planning at all — many Americans do not have a will on file — and the emotional turmoil of a divorce may make it the last thing on your mind. You focus on child custody schedules, adjusting to your new life, finding a place to live, deciding when it is time to date again and many other things that seem more central to the divorce. You may also feel like you will not need that estate plan for decades, so there is no rush to update it.
The reality, though, is that no one knows when their family will depend on that estate plan. At D’Alessandro & D’Alessandro, LLC, in Basking Ridge, New Jersey, we can help you update your plan and understand what red flags to watch out for. Our dedicated estate planning lawyers focus on your future. We always put our clients first. As a local law firm with more than 35 years of experience, we love this community. We will do everything in our power to help you make sure your plan is ready for whatever life has in store.
Taking Your Ex Out
The first thing you want to do is remove your ex from the will. You likely listed your spouse because it made perfect sense while you were married, but now you want to protect that inheritance and make sure it goes to your children. If you have a second marriage, an update is likely necessary.
It is also important to remove your spouse as the beneficiary for things like life insurance policies and investment accounts. Your will is a great place to start, but remember that the beneficiary designation can trump the rest of your estate plan. If all you do is update your will, that policy may still pay out to your ex.
This is why it is so important to go over all your paperwork and to understand exactly what steps to take. Our dedicated legal team will make sure you do not miss anything. Create an estate plan you can trust. Update it today.
Life changes after divorce. Make sure your estate plan changes, too.