How Is Estate Planning Affected After Divorce?

There are several different matters that need to be taken care of if you’re getting a divorce in Virginia, including estate planning. It’s vitally important that you take care of your estate, trust, and will after your divorce is final, no matter how tired you might be of legal matters and signing papers.

Create a New Will

The very first thing that you need to do after your divorce is final is revoke your will and draw up a new one. If you didn’t even have a will when you were married, you’ll want to make sure that you include:

  • Who inherits your property.
  • Who your executor is.
  • The legal guardian for any children you have.

Assign New Powers of Attorney

If you’re unable to make decisions for yourself, you may wish to assign powers of attorney. It’s best that you have one power attorney for all of your medical matters and another for all of your financial matters. Make sure you inform the two individuals that you have given them power of attorney so they can prepare themselves and so you can go over any medical and financial decisions you’d like for them to make on your behalf.

Renew Your Beneficiary Designations

As odd as it sounds, some of your most valuable assets aren’t included with your will. Your bank or insurance company needs the names of your beneficiaries for your:

  • Transfer-on-death brokerage accounts.
  • Life insurance policies.
  • IRAs, 401(k)s and other retirement accounts.
  • Pay-on-death bank accounts.

In order to update your beneficiary designations, you’ll have to request the proper paperwork from your brokerage company, bank, and employer. Make sure you fill them out and return them as soon as possible.

Dealing with your death immediately after dealing with a divorce in Virginia is probably the last thing you want to do, but it’s best that you take care of everything all at once so you can get back to rebuilding your life.

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Sara Josey

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