You may think that finalizing your divorce is the last step in ending your life as a married couple. However, an important step you can afford to overlook is updating your will and entire estate plan.
If you don’t do this, you may find your ex-spouse is still listed in these documents, which can cause issues for your family after you pass. Some of the things to make sure you change in your will after your divorce can be found here:
Did you name your former spouse as your executor? If so, you need to remove them after a divorce. If you don’t make this change, then when you pass, your former spouse will influence your assets. You also need to name a different successor trustee if you have a trust in your estate plan.
You may have cashed out and divided things like your 401k plan, retirement account, and life insurance policy during a divorce. If you have any other accounts that were not distributed, then they should stay in your name exclusively. At this point, you will also need to name a new beneficiary.
Health care proxy
Most married couples name one another as their health care proxy. However, if you are injured and haven’t changed who this person is, your ex-spouse may be making important medical decisions for you.
Updating your will and estate plan
While a divorce can be a transitional and confusing time for some, it’s important to take the right steps to protect yourself and your family. By updating your will and estate plan, you can feel confident that your children and others will receive your assets when you pass.