If youve recently gone through a divorce, youve probably taken the time to update your estate plan to make sure that it meets your current needs and that your ex-spouse doesn’t get your assets. This is especially important, so that your current wishes are followed. Unfortunately, this isnt the only thing that you should do to ensure that your assets arent given to your ex-spouse. Take a look at some of the information below, to learn more. If you need help making sure that all aspects of your estate plan are protected after a divorce, meet with an estate planning attorney.
Do you have any of the following accounts?
- Life insurance policies
- Retirement accounts
- Pension plans
- Disability insurance policies
The above accounts require you to use a beneficiary designation form to name a beneficiary who will receive your assets after your death. In many cases, you fill out this form when you first create your account. If its been several years since youve opened your accounts, you may have forgotten the importance of naming beneficiaries.
Your beneficiary designations may still list your ex-spouse. If this is the case and you were to die tomorrow, your assets would be given to your ex-spouse. It also doesnt matter if you have changed other aspects of your planning such as your estate planning documents, because the above policies and accounts are only able to designate beneficiaries with the use of this form. In other words, your will and trust do not control these assets.
Changing beneficiaries is very easy to do. Its important to review your designations after a divorce or other life change so that they meet your current intent.
Are you looking to make sure that your other estate planning needs are met after divorce? If you need help updating your estate plan so that your assets are protected from an ex-spouse, consult with a qualified estate planning attorney.