An estate plan should be updated following a divorce. Some of the most common things which need to be updated are:
- Remove gifts under a will made to a former spouse;
- Change the Guardian: An order for divorce may require a parent to be named the guardian of the minor children. A successor guardian though may be an ex-in-law or close friend of the ex-spouse which a parent may now want to change. A guardian will care for your children when you are gone and the person named should be someone you trust with your most precious asset;
- Trustee or Custodian: The trustee or custodian of the financial accounts/trusts for your minor children will have access to the assets and should also be someone you trust completely to make the best financial decisions for your beneficiaries.
- Change the Beneficiary Designation for life insurance policies, 401K plans, pensions, etc: You may want to change the beneficiary designations if you specifically left property to a former spouse or a former spouse’s family; and
- Change your Power of Attorney, Health Care Directive (Living will) if you former spouse is designated as your agent in each case.
Getting Legal Help
Experienced Estate Planning Attorney Elga Goodman can help you create a plan which protects your assets, saves tax consequences, and protects loved ones. Call us today at 973-841-5111.