The end of your marriage will bring significant changes to different areas of your life. Your finances will be different, you may have to move, and you might not see your kids as often as you would like. While there are many immediate necessary transitions you will have to make, it will be helpful to instead focus on choices that will provide you with long-term stability and security. One of the things you can do for your future is adjust your estate plans.
Having an estate plan in place is essential for almost every Pennsylvania adult. Whether your estate is large or small, protecting your assets and the interests of your loved ones is essential. During or after divorce, certain changes are essential in order to ensure that your plans are still applicable and effective. Overlooking this important step could lead to issues in the future.
Important adjustments are essential
Just like other aspects of your life, your estate plan should change after your divorce. Even though your future is different now, you will still benefit from having protections in place that will give you the final say over important matters, such as what happens to your personal property. As you consider what you should do during this time of transition and change, the following steps may be useful:
- Change your health care and financial power of attorney to remove your ex as the agent.
- Update your will to ensure your former spouse does not receive a portion of your estate in the future.
- Consider updating your guardianship designations if you have minor children.
- Change beneficiary designations on your accounts, including retirement accounts and life insurance policies.
It is normal to feel overwhelmed by all of the changes brought about by your divorce, but you would be wise not to overlook the importance of keeping your estate plans up to date.
Your future after divorce
Dealing with estate matters soon after a divorce can seem like a daunting prospect. You do not have to face them alone, but instead, you can seek guidance from a knowledgeable professional who can provide insight and support at every step. An assessment of your specific estate could reveal what legal options are available to you and the specific updates that you need to make to your existing estate plan.