Update Your Estate Plan After Your Divorce

If you are one of the many people in Florida who is in the midst of a divorce or who may even be recently divorced, you might naturally put a lot of your attention on getting your divorce decree completed and finalized. While an important milestone indeed, it is far from the last thing you will need to take care of.

It is important for any divorced person to update their estate plans as soon as their divorce settlement is complete. As Forbes indicates, most married persons list their spouses the beneficiaries on life insurance policies or retirement accounts, for example. Unless a divorce decree stipulates that a former spouse must remain such a beneficiary, it is probably best to have this changed as soon as possible to avoid an ex-partner from receiving a windfall that one would rather see go to their children.

It is also common for a person’s spouse to be named as the financial power of attorney or the health care proxy for an individual. These documents should also be updated upon completion of a divorce so that the people who remain close to an individual are the ones given these rights or responsibilities. It may also be wise to identify backup power of attorneys or health care proxies.

If you would like to learn more about the things you should consider when going through your divorce to help you move forward with your newly single life, please feel free to visit the divorcing spouse’s planning page of our Florida marital dissolution and family law website.