Divorce brings a season of change to your life. Some of the changes may be difficult, while others are welcomed. But some changes are incredibly necessary. Updating your estate plan falls into the last category. It is essential your estate plan and documents be reviewed and modified following your divorce. Here are some of the top considerations to keep in mind as you go through the process of changing your estate plan.
Where to Start Updating Your Florida Estate Plan
As soon as it may be practical to do so, you should go over your estate plan and look for changes that need to be made, including:
If you have retirement accounts, life insurance policies, wills, or trusts set up, review the beneficiary of these. Many Floridians list their spouses as the beneficiaries of these accounts. Without updates, such a designation would continue even after your divorce is finalized.
Designation for Guardian and Power of Attorney
Perhaps you designated your ex-spouse as your children’s guardian and as your power of attorney in the event of incapacitation. Speak with your Daytona Beach probate attorney about possible parties you can name as guardians over your children. Likewise, your attorney may be able to suggest others who may be a more suitable power of attorney than an ex-spouse.
Gifts of Property
Your will may include gifts of specific property to in-laws and other extended family members. As you’re reviewing the beneficiaries of your will, ensure that any specific bequests of property are also updated as necessary.
Help from a Qualified Daytona Beach Probate Attorney
Changing beneficiaries for financial accounts and legally amending your will can be a complex process. An experienced probate attorney in Daytona Beach can be a helpful guide as you set out to accomplish these tasks in a timely, effective manner.