The Impact Of Divorce On Your Estate Plan
You need to look at your estate plan and make some changes as part of your divorce process. Some of it will be simple things, like changing your beneficiaries. Some of it may be more complicated, like establishing a trust for your minor children. Either way, you want to work with a lawyer who understands how divorce can impact your estate plan and the best ways to protect yourself and your family in the future.
At Brazil Law Office, PLLC, we know exactly how divorce can affect your Last Will and Testament, Health Care Directive, Durable Power of Attorney and other legal documents, because our main areas of focus are family law and estate planning. Our in-depth knowledge of both of these areas allows us to find the right solutions for any problems you may encounter on either side of the issue.
We have assisted many individuals in Fargo and the surrounding areas through adjusting their estate plans after a divorce. We will ensure that all of your legal documents are in compliance with North Dakota or Minnesota, and that your heirs will receive what you worked so hard to save for them.
What will I need to change?
Some of that will depend on how complicated your estate plan is and what your current situation is. If you plan on remarrying right away, you will have different considerations than if you plan on remaining single, at least for the time-being.
We recommend reviewing the following issues:
- Changing designated beneficiaries on life insurance policies and retirement accounts, such as pensions and 401(k) accounts
- Naming a different individual to act as your health care agent, a different individual to act as your power of attorney, and a different individual to act as your personal representative within your Last Will and Testament.
- Naming a guardian for your children, in case something happens to your former spouse after you have passed on
- Reviewing what you intended to leave to your former spouse and designating it to other family members
We will talk with you about your wishes for your property and assets and take into consideration issues such as how you should divide your property between a new spouse and your children, if that is a concern. We want you to rest assured that you can move forward with your new life as you put all of these concerns to rest.