Estate Planning for Divorced Families
Divorce is not easy. Among the vast amount of change you go through, managing your estate plan is a fairly big one. Because your needs, wants, priorities and goals change during this time, it is essential to adjust your estate plan to reflect these changes. Read on to learn how to update your estate plan after divorce.
How to Update Your Estate Plan
If you are recently divorced, Oklahoma attorney, Kevin L. Miller, PC is here for you. As an estate planning expert, Kevin L. Miller, PC can help you navigate the necessary documentation and overall estate planning process. After all, it is crucial to work with a professional who can help walk you through this difficult time in your life.
Below is a list of imperative documents within your estate plan that must be reviewed and revised after a divorce.
- Revoke your will
- Update your healthcare proxy
- Name a new beneficiary and POA
- Consider a trust
- Review guardianship for minor children
- Assess pre or postnuptial agreement
- Evaluate your life insurance policy
Revoke Your Will
Post-divorce is a good time to create a will if you did not have one during your marriage. However, if you did create a will with your former spouse, you will need to update it. This is because oftentimes, married couples will appoint one another as executor of their wills, the person who is responsible for carrying out the terms of a will. Reach out to your estate planning attorney to get started on updating your existing will.
Update Your Health Care Proxy
Just like your will, you may have appointed your spouse as your health care proxy. This individual is responsible for making any healthcare-related decisions on your behalf. Depending on your relationship with your former spouse, it only makes sense to update this document post-divorce.
Name a New Beneficiary and POA
Designating a new beneficiary may be necessary if you listed your former spouse to receive your assets or money from your will or trust. It is just as important to review who you had given POA to. Contact your estate planning attorney to help you navigate these documents.
Consider a Trust
After a divorce, it is wise to set up a trust to manage child support and/or alimony and to provide funds to your heirs. A revocable trust will allow you to name someone else besides your ex-spouse as your trustee. Whoever you legally appoint as trustee will control your money and assets in your estate for the benefit of your children.
Review Guardianship for Minor Children
Your guardianship documents will be an important part of your estate plan to review after a divorce especially if you have valid concerns about your ex-spouse. While it is difficult to revoke custody, depending on the situation, it may be necessary.
Assess Pre or Postnuptial Agreement
In the beginning stages of your divorce, you should review your pre or postnuptial agreement to assess what you and your ex-spouse originally agreed to. This will define all that you and your ex-spouse are entitled to.
Evaluate Your Life Insurance Policy
Make sure you clearly understand all of your life insurance policy or policies and what they guarantee. Reach out to your estate planning attorney to assist in this process.
Contact Oklahoma Attorney Kevin L. Miller, PC
Kevin L. Miller, PC is here to help you understand your life and estate planning documents and navigate the process from start to finish. Contact Kevin L. Miller, PC today at (405) 443-5100.