The end of a marriage is going to change everything for a Florida couple, from where the kids live to their financial lives. Another area to keep in mind when divorcing is existing estate plans. These are documents that outline one’s intentions and goals for estate assets after passing and future medical needs, and it is likely that they need updating once a divorce is final. Failure to update plans could result in complications for heirs and beneficiaries in the future.
Focus on the future
Divorce is a difficult, emotionally challenging process, but it is best if a spouse can focus on his or her long-term interests during and after its finalization. While estate plans may not be at the forefront of a spouse’s mind immediately after a divorce, taking the following steps can provide security and protection in the future:
- Change beneficiary designations on accounts
- Update intended recipients of estate assets listed in a will
- Remove or add a person to a trust
- Update financial or health care powers of attorney
Updates to estate plans are necessary after major life events, including divorce and remarriage. A careful review of documents can reveal what changes are necessary.
Where to start?
Each estate plan is different, which is why a Florida adult will benefit from the experienced guidance of a knowledgeable attorney when making important estate-related decisions. Updating plans is a necessary step after a divorce, but it is not something to do alone. With guidance, it is possible to adjust plans and preserve one’s interests well into the future.