There are several issues to consider immediately following divorce as it relates to your estate plan. Typically, you will want to disinherit your ex-spouse.
The first item to visit concerns beneficiary designations.
Following a divorce, the items below should be reviewed and amended:
- Retirement plan beneficiary designations
- Life Insurance beneficiary designations
- Other items that may include Payable on Death (POD) designations such as joint accounts, investments, annuities and health savings accounts
The next items to review and amend are your Last Will and Testament, Trusts, Durable Power of Attorney, Healthcare Power of Attorney and Advance Directives. Read over each one thoroughly to ensure that your ex-spouse is no longer a beneficiary, trustee, agent or executor of any of your estate planning documents.
In many cases, the family law attorney is not as well-versed in estate planning issues. Their focus is to help the client dissolve the marriage and make decisions regarding asset distribution, custody, child support and other such issues. It is important to revisit your estate plan with the assistance of a qualified and experienced estate planning attorney. Contact Stouffer Legal at 443-470-3599 for more information.