Divorce is undoubtedly a challenging and emotionally taxing experience, and amidst the turmoil, it's easy to overlook the need to update your estate plan. It's crucial to remember that the estate planning documents you and your former spouse created together likely no longer align with your individual needs and should be revised accordingly.
To ensure your estate plan reflects your current circumstances and wishes, consider updating the following:
- Your Will: Make necessary changes to your Will, including appointing a new executor and trustee, if needed.
- Trusts: Review and modify any existing trusts to ensure they align with your current intentions.
- Beneficiaries: Update beneficiary designations for life insurance policies, retirement accounts, and other assets.
- Guardianship: Reevaluate and revise guardianship arrangements for minor children or adult children with disabilities, if necessary.
- Advanced directives: Update medical and financial powers-of-attorney to designate new trusted individuals to make decisions on your behalf.
- Tax planning: Reassess your tax planning strategies to account for your new financial situation.
- Medicaid planning: Review your Medicaid planning to ensure your long-term care needs are adequately addressed.
If you do not currently have some or all of these documents in place, it is more important than ever to establish them now. It's essential to meet specific legal requirements for these documents to be recognized by the State of New York as valid, and working with an experienced attorney, such as Cara Law, is highly recommended.
At Cara Law, we will carefully review and revise each aspect of your estate plan, explaining the necessary changes and addressing your concerns. Our goal is to provide clarity and guidance during this difficult time, ensuring your estate plan accurately reflects your new circumstances. Schedule a consultation with us today to learn more about updating your estate plan following a divorce, and gain peace of mind knowing your future is secure.