If you are in the middle of a divorce, there are a lot of things that you want to get worked out. But the last thing on your mind is likely end of life arrangements. If you have anything in place for your end of life arrangements before your divorce, then you may want to make sure that you take a good look at them after the divorce has been made final.
Many times, a lawyer will be sure to send a letter with their last legal documents. They will generally encourage them to redesign their wills and bequest arrangements. A large portion of them don’t do it, but it is absolutely essential. Here are a couple of things you may need to consider:
• Who has the power of attorney for medical services? Is it accurate to say that it is your previous partner? Do you really want that to be the case?
• Would you like to leave your assets and such to your previous mate?
• The separation will actually eliminate that part of your will. If you need to keep your former spouse as the beneficiary, you have to restate that after the separation.
• The separation and the new will won’t change beneficiaries on your retirement and insurance accounts, so you want to make sure that you get that taken care of. You must deal with new beneficiary structures. Don’t think simply making a new will deals with it.
Of course, there’s another big question that comes up in here as well, and you should think about when you’re working on this end of life stuff. Did you set up a trust to leave to your kids in case you pass away unexpectedly? On the off chance that you did, did you make the trust the beneficiary on your insurance, or your kids? That’s also something that needs to be considered. Regularly, clients don’t want their children to inherit expansive wholes of cash at the same time when they are 18 and will set up a trust to handle the cash until they are more established. The biggest mistake that happens is that the insurance continues and if the kids are the beneficiaries they will get the whole amount when they are 18. Because of this, you ought to name the child’s trust as the beneficiary.