A change in your marital status also should prompt updates in your estate plan. This can represent a significant change in your personal life, but it is important not to overlook the legal assignments you may have already made with your previous partner in your estate plan.
Working with your financial advisor as well as estate planning attorney is strongly recommended, if you find yourself in these positions. Start by discussing your planning objectives. This will help you to determine what you want to achieve with your estate plan now that your family life looks different. You’ll also want to look at beneficiary designations on things like retirement accounts and life insurance policies. These are passed outside of your will and likely still have your previous spouse listed. This is extremely important as soon as you decide to file for divorce. Next, you’ll want to revisit any wills or trusts.
Make sure you comply with any requirements from divorce court regarding how these should be handled, especially if property inside the wills or trusts has been split up as part of property division.
Make sure that you work with an experienced and talented estate planning attorney in Pasadena to help you to accomplish these goals as it can be very complex, and you are likely to make mistakes without the help of someone reviewing your material. Although it can be very different to adapt to life after getting a divorce or moving on from a relationship, it is extremely important to protect your legacy and your plans. It may also be a good time to meet with your financial advisor as well, especially if you have questions around handling newly received assets from property division or adjusting to new financial management.
Overall, there may be many changes in your life post-divorce and planning for the future is very important; engage advisors and professionals to help you make this transition.