A divorce is an excellent reason to consult with an estate planning lawyer about updating your estate plan. Most, if not all, of your previous documents will likely need to be modified to reflect your changed circumstances. Your attorney will go over your old plan in detail and outline which areas should be updated or redone entirely after divorce.
Here are a few of the areas that may be in need of an update:
- Your will. You may want to change your beneficiaries, your executor, guardians of minor children, and other items. Your attorney may also advise specifically referring to the divorce proceedings in the updated will.
- Your revocable living trusts. You may want to update your beneficiaries, trustees, or even consider withdrawing assets or revoking the existing instrument once you have been granted your divorce.
- Your beneficiary designations. Accounts such as 401(k)s, IRAs, and life insurance policies should be updated to change the beneficiary.
- Safe deposit boxes and personal assets. Prepare an inventory of items that are of personal value and remove your former spouse from the rental agreement with the safe deposit box company.
These are just a few of the many aspects of an overall estate plan that should be updated in the event of a pending divorce. If you are currently contemplating a divorce, are in the midst of a proceeding, or the process is already complete, contact our office of experienced Anaheim estate planning attorneys for guidance on necessary updates to your estate plan. Call us today at (714) 282-7488 for a consultation.