An estate planning attorney will help you re-plan your estate after a divorce
An estate planning attorney in Boise and Nampa ID understand the financial and emotional strife that divorce proceedings often have. The experience pushes people to cope with the painful end of a highly important relationship while also managing many, life-altering transitions simultaneously and alone.
It is advisable to check any prenuptial or postnuptial agreements you may have in place before getting divorced to determine what rights you or your spouse have. With this knowledge in hand, you may move forward with assurance knowing what to anticipate financially. Next, when it comes to your estate plan following a divorce, make sure to mark these boxes:
Correct beneficiary designations
Several of your most important possessions could not be covered by an updated will. To change these beneficiary designations, you can ask your bank, employer, or financial counselor for new paperwork. These corrected documents must be submitted as soonest possible. Although a divorce immediately removes an ex-spouse from a beneficiary list, you should always check that these accounts’ beneficiaries are current and accurate. Many assets pass to beneficiaries listed on paperwork issued by an insurance company or financial institution without the use of a will. Update beneficiary designations immediately for:
· Life insurance contracts
· Retirement accounts like IRAs and 401(k)s (k)
· Accounts with pay-on-death features
· Accounts with transfer-on-death
Review guardianship
Documents pertaining to guardianship are crucial components of an estate plan. To select a guardian to take care of a child under the age of 18 in the event that neither parent is able to is frequently the main reason parents of small children prepare a will. You can express your complaints in writing and include them in your estate plan documents if you have legitimate doubts about your ex-spouse being a suitable guardian, for instance, if your ex-spouse battles addiction.
Update the will and trust
In your will, you can designate beneficiaries for your assets, appoint an executor to handle your estate, and, if necessary, select a guardian to look after your young children. You can take out clauses that appoint your ex-spouse as your will’s executor and trustee with the help of your estate planning lawyer. By doing this, you can be confident that your ex-spouse won’t have control over your estate or end up as its beneficiary. This is crucial in terms of your estate plan following a divorce.
Update your health proxy
In the event that you become unable of making choices for yourself, a power of attorney allows someone to act on your behalf. A power of attorney can be used to make choices regarding your health care. A financial power of attorney is the second. You must cancel any existing powers of attorney that designate your ex-spouse as the person with the authority to act on your behalf. You must draft new paperwork naming another trustworthy person of your choice to assume this function.
Find the best estate planning attorney in Boise and Nampa ID
Estate planning after your divorce is critical to change details of your beneficiaries and guardians. Work with the best estate planning attorney in Boise and Nampa ID for the best results.
Jacobson & Jacobson Law Firm, since 1982, is committed to serving the Boise and Nampa, Idaho areas for your top Criminal Defense, Personal Injury, Business Law, Estate Planning, Family Law, Immigration Law, and Litigation needs. Contact us today to get started.