Updating Your Will After a Divorce
One thing many people do not think about after getting divorced is updating their will. However, making updates to your will is one of the most important things you can do right now. Let’s take a closer look as to why making changes to your will is so critical after a divorce.
Protecting Your Family
It’s likely that your ex-spouse is listed as the main beneficiary in your will. Because you are no longer with that person, you probably don’t want him or her to receive your assets when you die.
If your children are under 18, you also have to establish guidelines for their care in your updated will, especially if you have sole custody of them.
Health Care Advocate, Power of Attorney, and Similar Documents
It’s critical to have several legal documents to protect your family after your divorce. One of these documents is a health care advocate, which appoints a representative to make medical decisions on your behalf if you aren’t able to do that on your own anymore. A power of attorney is another important document to have in place because it designates a person to make financial decisions on your behalf if you are incapable. This will ensure that all your finances are taken care of.
There may be additional documents you will need to protect your family. It is helpful to ask an experienced estate planning attorney about the documents you may need. He or she will guide you in the right direction.
After you get divorced, it’s essential to review your finances very carefully. For example, you will want to see who is the designated beneficiary on your retirement and investment accounts and then make the appropriate changes. It’s also important to remove your ex-spouse’s name from security deposits and all lines of credit.
Work with Your Attorney
Starting over after a divorce can be tough. You’re alone now and not sure where to begin. That is why it may be in your best interest to hire a skilled estate planning lawyer. He or she can update your will and ensure your family members are protected. The good news is that the majority of estate planning lawyers offer free initial consultations. This means there is no risk to speaking to one. Steer your family in the right direction and set up a meeting with a professional such as the Divorce Lawyer Peoria IL locals trust today.
Thanks to authors at Smith & Weer P.C. for their insight into Family Law.