For couples facing divorce, the accompanying changes may seem endless. An often overlooked, yet extremely important consideration for divorcing couples is a review of the existing wills and other estate planning documents such as a health care proxy, financial power of attorney, and living will. Other documents that should be reviewed are beneficiary designation forms for retirement assets and life insurance policies. Often, a party’s recollection of the beneficiary designations and other provisions is not consistent with the documents. All of these forms should be looked over carefully upon a divorce to ensure that the documents reflect each party’s intentions and conform to the Separation and Settlement Agreement entered into by the parties. If there is a prenuptial agreement in place, it should also be reviewed to determine what the other spouse is entitled to in the event of death. Continue Reading
Articles Posted in Estate Planning
Divorce and Estate Planning: Should Your Will and other Planning Documents be Changed after a Divorce?
After the divorce process is complete, a person can embark on a fresh start. As people recalibrate their new lives, they sometimes forget to tie up other loose ends that may have connections with the dissolved marriage.
Estate planning is an area which many people like to put off for various reasons. Drafting a Last Will and Testament (“Will”) is not the most upbeat topic, and designating beneficiaries can be extremely stressful. However, if you have executed any estate planning documents before your divorce, it may not only be beneficial but also necessary to update your documents.