Although ending a marriage isn’t easy, it can provide a much-needed fresh start. As with other major milestones that change your circumstances, divorce should prompt a review of your estate planning documents. If you’re getting divorced, complete the following tasks sooner rather than later to protect yourself and your loved ones.
An Estate Planning Guide for Getting Divorced
1. Nullify Any Powers of Attorney
A power of attorney is a legal arrangement that essentially gives someone else the authority to act on your behalf. If you ever named your ex-spouse in a POA, nullify it before parting ways. Depending on the purpose of the POA, you may also need to create a new one in which you name someone else as the attorney in fact.
2. Draft a New Will
You’ll likely need to modify most of the terms in your will after the divorce, so it may be easiest to revoke the old one and draft a new one. A seasoned estate planning attorney can help you devise new terms in which you name an executor, establish guardianship of any children, and bequeath assets.
3. Review Your Beneficiary Designations
If you have any accounts with beneficiary designations, they may need updating after the divorce. Examples include life insurance policies, retirement plans, pay-on-death bank accounts, and transfer-on-death brokerage accounts. Getting divorced doesn’t automatically nullify all these beneficiary designations, so evaluate each one carefully after the divorce and add a new beneficiary as needed.
If you need to update your estate planning arrangements, turn to the Law Offices of Neil T. Nakamura & Associates in Honolulu, HI. For more than 43 years, this firm has helped individuals, families, and small businesses prepare for all eventualities. Their knowledgeable team is well-versed in wills, trusts, and probate. To request a free initial consultation, reach out on their website or call (808) 945-7645.