Have you recently divorced? If so, have you taken the time to update your estate plan? Most married people name their spouse as the Executor, Agent under a Power of Attorney, Agent under a Healthcare Directive, and as the primary beneficiary of life insurance, retirement accounts, etc. When you divorce, it is important that you revisit your estate plan and update it so that your ex-spouse does not receive your life insurance and other property or remain in a position to make decisions while you are incapacitated if those are no longer your wishes.
If you have recently divorced, here are several things you should review:
- The Executor and Trustee in your Will and trust
- The Agent in your Power of Attorney
- The Agent in your Advance Directive for Healthcare
- The beneficiary on retirement accounts: IRA’s, 401k’s, annuities, etc.
- The beneficiary of your life insurance policies
- The Payable on Death beneficiary on bank accounts
If you have minor children, you should also review who you have designated as guardian of the children in your Will in the event both you and your ex-spouse die untimely deaths. Another consideration if you have children is who will manage their inheritance in the event of your death.
If you have recently divorced and need to update your estate plan, talk to the experts at Grissom Law, LLC at 678-781-9230, to discuss your needs and the various options available to address them.
Disclaimer This Blog/Web Site is made available for educational purposes only. In addition, it is available to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.