Estate Planning Considerations Post-Divorce: Protecting Your Legacy
Going through a divorce is a significant event that requires you to reevaluate your finances, wants, and needs. It’s important that after your divorce, you update your estate plans to reflect your new circumstances and ensure your wishes are carried out effectively.
- Revoke Your Existing Will: The first step you should take in your estate planning process is revoke your existing Will to prevent any unintended consequences related to your ex-spouse.
- Update Your Health Care Proxy: Update your health care proxy to someone that you trust and will make the right decisions for you if you are unable.
- Name New Beneficiaries and Powers of Attorney: Review those who you have named as your beneficiaries and powers of attorney to ensure that they align with your values and current situation.
- Consider Trusts: Evaluate if setting up trusts for your loved ones would be beneficial for managing assets.
- Debts and Obligations: Address any outstanding debts or financial obligations resulting from the divorce and factor them into your estate planning.
Let me be your financial advocate as you navigate the divorce process. As a Certified Divorce Financial Analyst, CDFA® I can help you avoid costly mistakes and educate you on current and future budgets, provide a financial road map, and help you understand what assets you have, what you spend, where you spend it, and more.
You don't have to go through this alone.
Contact me today at 716-800-4290 to schedule your first appointment.