Estate Planning for the Recently Divorced

Divorce can be a long and painful matter and once the decision to divorce has been made, there are still a lot of other decisions that need addressing, such as estate planning. If you are going through a divorce or recently got divorced, it is important to consult with an Arizona estate planner because divorce can actually turn a well-created estate plan upside down.

1. There are issues that will arise when going through a divorce, such as ownership of assets and property. For example, one spouse now owns property that was once owned by both spouses.

2. When it comes to being married and estate planning, it is common that one spouse will name the other spouse as their main beneficiary, however it is important that following a divorce the beneficiary information be changed and updated. This is because it is probably save to say that once you are divorced the last person you want inheriting your estate and making health care decision based on your behalf, be your ex-spouse.

3. Most estate planning documents are inexpensive and easy to modify.

4. It is important to revoke and create a new will and choose new beneficiaries.

5. Be sure to let contact your employer’s human resources department and let them know about the divorce, this way you can change the beneficiary on your 401k or other retirement accounts you may have setup through them.

6. Once the decision of divorce has been chosen, it is in your best interest to redo your estate planning documents. This is because in the event that you happen to die before the divorce is finalized and you have not changed your estate planning documents, your soon-to-be ex-spouse will legally receive most, if not all of your estate.

7. Be sure that the beneficiary named on other assets that are not controlled by estate planning documents, wills, and trusts, such as life insurance policies, bank accounts, and investments accounts, is changed as well.

8. If you have minor children it is important that you name a guardian for them in your will. This is important in case your ex-spouse happens to pass away as well, is found by the Arizona court system as an unfit parent, or has had their parental rights terminated.

Need Help?

If you are not sure as to what legal document you currently have contact one of our professionals to help you with your planning needs. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.