Written by: Tony Conticello of the Conticello Law Firm
THE POST-DIVORCE ESTATE PLANNING CHECKLIST
The Post-Divorce Estate Planning Checklist
Divorce – the words can signal freedom for some and sadness for others.
If you are recently divorced, you may be asking yourself, wait, why do I need a Post-Divorce Estate Planning Checklist? Especially if you already have an estate plan.
If this is you, you may have just come through the whirlwinds of divorce, the accompanying rollercoaster of emotions, and the lawyers, hearings, mediation, and paperwork. Now that D-day has come and gone, countless tears have been shed, and lives have been forever affected.
When the Judge signed the divorce decree, you felt you were done! But you are not done yet.
Your Pre-Divorce Estate Plan May Negate Your Divorce Decree
The focus of all divorce proceedings is ending a marital relationship between two people. One of the main tasks in a divorce proceeding that often causes great controversy is the separation of marital assets, property, debt, and very frequently custody of minor children among two people who used to make those decisions jointly.
Consider the following: without updating your estate plan after your divorce, you may be giving the assets, property, and custody rights you just fought for right back to your ex-spouse and their family. Do you really want to negate all the work and efforts made in your divorce proceedings to have your pre-divorce estate plan give everything back to your ex-spouse?
If you have a good divorce attorney, they will suggest things to do now that the divorce has been finalized. One of those post-divorce items needs to be – UPDATING YOUR ESTATE PLAN.
Now I get it. You feel tired and likely swore off dealing with attorneys once all the papers were signed! But you have made it this far, and you are not done. So don’t stop now!
Post-Divorce Estate Planning Checklist
Are you still questioning, why do I need to update my estate plan after the divorce?
Let’s dive into your pre-divorce wills and trusts. Do they name your ex-spouse, ex-in-laws, family members, and even joint friends who aren’t so joint anymore? Your ex-spouse might be your personal representative, the trustee, a named beneficiary, or even the person you designated to make healthcare decisions for you.
If this describes you, it’s time to REVOKE the earlier estate planning documents and rethink your estate plan. It is time to change your beneficiaries, distributions, personal representatives, trustees, and healthcare surrogates.
If your estate plan is like most marital estate plans, your ex-spouse was an integral member of your estate planning team. If you don’t revoke your pre-divorce estate plan, then:
- Your ex-spouse will remain the trustee of your trusts, or the personal representative of your wills.
- They are likely still a named beneficiary to receive most or all your assets if you die via your will or trust.
- Your Power of Attorney likely currently gives them the legal right to represent you and make decisions about your property.
- Your healthcare surrogate likely gives them the right to make healthcare decisions in the event of an emergency above your family members.
- Even your HIPAA Authorization gives your ex-spouse full access to your medical records.
We didn’t even touch on your life insurance policy, retirement accounts, investment accounts, annuities, etc.
Now that we have your attention, we will give you a tool – Your Post-Divorce Estate Planning Checklist.
Print the checklist out, seek out a qualified estate planning attorney, and use the checklist to make sure that your Post-Divorce Estate Plan addresses your new post-divorce life. Make sure that the new estate plan protects you, your assets, your family members, and your well-being.
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YOUR POST-DIVORCE ESTATE PLANNING CHECKLIST
POST-DIVORCE ESTATE PLANNING CHECKLIST
This Post-Divorce checklist identifies essential items you should revisit in your estate plan and financial accounts.
New Estate Planning Attorney
- Find a new estate planning attorney to avoid conflicts of interest and protect your interests
(Find someone like Tony Conticello – Your Tallahassee Estate Planning Attorney)
Update Your Will
- Revoke all prior Wills and Codicils;
- Designated Personal Representative and named successors;
- Beneficiaries (primary, contingent, and remote beneficiaries);
- How you want to distribute to your beneficiaries;
- People to take care of your pets and funds set aside for Pets; and
- People that you want to take care of your minor children.
(Click Here to Read Our Article – Are Trusts Better Than Wills?)
Update Your Trusts
- Terminate any Joint Trusts and Individual Living Trusts
- Trustee and successor trustees;
- Beneficiaries (primary, contingent, and remote beneficiaries);
- How you want to distribute to your beneficiaries and conditions;
- Pet Trusts – the people designated as trustees and money set aside to care for your pets.
- Trust Assets;
- Change Title to deeds, automobiles; and
- Personal Property Designations.
Update Your Durable Powers of Attorney
- Revoke all prior Powers of Attorney
- Attorney-in-Fact and named successors;
- Powers given;
- Pre-need guardianship designations; and
- Healthcare designations (if any).
Change Your Healthcare Surrogates / Healthcare Directives
- Revoke all prior Healthcare Surrogates; and
- Agents designated to make healthcare decisions for you.
(Click here for an Article on Factors to Consider when Choosing a Healthcare Surrogate)
Update Your Living Wills
- Revoke all prior Living Wills; and
- Agents/Designees to carry out your end-of-life decisions.
Update Your Custodial Accounts for Minor Children
- Update all custodial designations;
- Prepaid college plans;
- 529 College Savings Accounts; and
- Educational Savings Accounts.
(Click here for an article on Estate Planning with Minor Children)
Update Beneficiary Designations
- Life Insurance policies;
- Bank Accounts;
- Annuities;
- Investment accounts;
- Brokerage accounts;
- Stocks & Bonds;
- IRAs & 401k;
- Health Savings Accounts (HSA);
- Retirement accounts with employers; and
- Long-term and Short-term Disability policies.
(Click Here for an Article on Beneficiary Designations)
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POST-DIVORCE ESTATE PLANNING CHECKLIST CLICK PICTURE BELOW TO DOWNLOAD
CONCLUSION – GET WORKING ON YOUR POST-DIVORCE ESTATE PLANNING CHECKLIST
Navigating through the storm of divorce is no easy feat. As you emerge on the other side, it’s essential to recognize that your journey isn’t over just yet. While the ink on your divorce decree may have dried, overlooking the necessary updates to your estate plan could jeopardize the assets and protections you fought so hard for during the divorce proceedings.
Your Pre-Divorce Estate Plan may inadvertently undermine the very objectives you sought in the divorce, potentially leaving your ex-spouse with assets and decision-making authority you intended to revoke. By diligently revising your wills, trusts, powers of attorney, healthcare directives, and beneficiary designations, you reclaim control over your future and safeguard your interests and those of your loved ones.
So, take a breath, gather your strength, and embark on this critical journey of post-divorce estate planning—it’s a crucial step toward securing the next chapter of your life.
When you do that don’t forget to print off a copy of Your Post-Divorce Estate Planning checklist.
THANK YOU FOR READING OUR ARTICLE – Post-Divorce Estate Planning Checklist.
Don't Go it ALONE!!! - Contact Conticello Law Firm TODAY
A WORD FROM THE CONTICELLO LAW FIRM
The Conticello Law Firm is committed to helping you with your Estate Planning legal Needs. We are happy to provide resources like this article:
POST-DIVORCE ESTATE PLANNING CHECKLIST!
The Conticello Law Firm’s main offices are in Tallahassee, however, we practice throughout the state of Florida. If you are google searching for a Tallahassee Estate Planning Attorney near me, don’t look any further. Our goal is to be the “Best Estate Planning Attorney in Tallahassee!” Please do not hesitate to call or email us. We would be happy to help you navigate this important process.
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