Often, after the time, expense, and emotional upheaval of California divorce (as well as moving, adjusting to life as a single person/parent, dealing with tightening finances…etc. etc.), the last thing on anyone’s mind is estate planning. Yes, it’s one of the things on the list of things to do…later, when you have time. When you’re emotionally ready to think about it. Right? Well, the reality is that just post-divorce IS the best time to do estate planning. Why?
- Because it’s on your mind since you’re working to get the rest of your life in order.
- It’s critical to get your ex-spouse off of your accounts and as your beneficiary. You really don’t want him/her inheriting from you, do you?
- It’s really not that hard, and in fact rather than being draining or difficult, can not only be empowering but help you to really feel like your life has restarted.
Here are the key estate planning items you need to take care of post-divorce (and note you probably can’t do these during your divorce due to the ATROs):
- Create a new (or initial) living trust and will to protect your assets and your beneficiaries.
- Cancel any old estate plans.
- Sign a new power of attorney for asset management.
- Sign a new health care advance directive power of attorney.
- Designate the guardian for your children should you pass away.
- Get new life insurance to meet your (and your children’s) needs.
- Update the beneficiary on your life insurance, retirement accounts (401Ks, IRAs, etc.) and other payable on death (POD) accounts.
- Make sure your assets are retitled in your name only.
- Let people know you’re no longer divorced, like banks, health care providers, and other trusted advisors so no one gives out personal or confidential information inadvertently.
- Talk to your parents about estate planning, the importance, and how it will help everyone if they create an estate plan (it helps them to leave a legacy and saves you the additional intense difficulty of probate).
Doing these simple tasks will help you to feel stronger, in control, and empowered to take on life’s next challenge. What are you waiting for? Make an online appointment by clicking here.
June 10, 2011 at 5:34 PM
Great #checklist on #estateplanning and #divorce