Getting divorced is a difficult and often emotional process that requires a lot of paperwork and a proper division and distribution of assets. There are many important steps to take when getting a divorce, but updating your will and estate plan could be one of the most important processes.
Many people only consider the aftermath of divorce instead of looking at the whole picture. Death can change a family in many ways. A divorcing couple needs to make new decisions, such as a new executor of their wills and the inheritor of financial benefits, if either dies before or after the divorce is complete.
Changing your will and estate plan will protect your assets from going directly to your former spouse if you die without a proper plan. There are many components of a will, but here are three important changes to make during your divorce process:
As a married couple, your spouse was entitled to making your healthcare decisions. If you are hospitalized and something life threatening happens, and there has been no change to your health care proxy, the person making your important healthcare decisions will be your ex or soon-to-be ex-spouse.
This might not be someone who you trust making these important decisions any longer, so updating your health care directive to someone you trust with your life is a wise idea.
Life insurance benefits will automatically go to your former spouse, if they are not removed from your current life insurance policy. There are many rules and exemptions to the changing of a life insurance policy, and the Monmouth County divorce law firm of Fox & Melofchik, L.L.C. is able to work on the changes you want and deserve.
If children are involved in a divorcing family, and they are minors, updating trust funds is a necessary task. You might not want your former spouse managing your child’s trust, especially if they have access to the money involved. You need to decide who will manage your children’s trust funds, in case you become incapacitated, disabled, or die before the trusts are available to your adult children.
Divorce is challenging and requires time and dedication to making sure everything gets done right, and that your personal possessions and finances are in good hands.
In the event of death, you need to make sure everything is taken care of, and that your former spouse is not the one handling your healthcare decisions, receiving undue monies, or abusing trust fund entitlements. Starting with your will and estate plan will ensure control over the future of your assets.
The Monmouth County divorce law firm of Fox & Melofchik, L.L.C. will ensure that you have made the right changes and decisions regarding your divorce process. Divorce can come with liabilities if it is not done right, so let us help you make the important decisions for you and your family. Call us now at 732-493-9400 or complete an online form.
Located in Eatontown, New Jersey, we proudly serve clients from the surrounding areas, including those in Monmouth County, Ocean County, Middlesex County, Mercer County, Ocean Township, Fair Haven, Red Bank, Tinton Falls, Shrewsberry, Middletown Township, Wall Township, Seagirt, and Spring Lake, New Jersey.