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Go over your estate plan after you get a divorce

Once your divorce is finalized, you might think that you are done with having to think about anything related to it. This isn't the case. You have to think about your estate plan because there is a very good chance that you will have to revamp this plan.

If your estate plan was created while you were still married, your now-ex is likely the person who is going to get everything if something happens to you. You probably don't want this to happen now. There are several things that you need to review to find out what you need to alter.

First, check the beneficiary on your life insurance policy. The beneficiary is the person who is going to get the policy proceeds when you pass away. If you have children, you might need to set up a life insurance trust so that you can ensure that the money is used to help support your children.

Next, check your bank and other financial accounts. These should have a payable on death designation. This is the person who will get what is the account when you pass away. These proceeds can help your loved ones to cover expenses in the days after your death.

Third, make sure that you go over your will. Make sure that it accurately reflects what you want to happen when you die. You should make sure that your will takes care of your children if you have them. If you don't have minor children or if your children are all adults, you might only need to list who is going to get what so that you can prevent potential problems with your estate.

Source: American Bar Association, "Estate Planning after Divorce or Breakup," Kenneth A. Vercammen, accessed July 28, 2017

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