estate planning after divorce
It is essential to update your estate plan as soon as possible after a divorce. Willms-O'Leary, S.C. can help you remove your ex-spouse from your estate plan (or, if they remain a part of your estate plan, that it is done thoughtfully and intentionally). If you don't already have an estate plan, it is important to get one after a divorce so your affairs are in order for the future.
Following is a quick summary of some really important issues to consider when updating your estate plan after a divorce:
1. Don't forget to update all of your beneficiary designation forms on file for your life insurance, retirement accounts, annuities and any other assets with beneficiary designations.
2. After a divorce we also recommend that you update your Power of Attorney documents for healthcare and finance, so you can reconsider the individual(s) you name as your agent(s) in case you are unable to manage your financial or medical decisions in the future.
3. If you have minor children, who do you want to name as their guardian if something were to happen to you? A good estate plan also includes detailed provisions about the management and distribution of assets inherited by your children regardless of whether they are minors or adults.
4. Verify your assets are properly retitled after a divorce. This can be a good time to establish a trust and retitle assets into your trust. Trusts can be a good fit for estates of all sizes. We can discuss the pros and cons of including a trust in your estate plan.
Please don't hesitate to call us at (262) 238-6996 if you would like to discuss estate planning after a divorce.