While a couple separating is a tragic event, it triggers the need for changes to two people’s estates. We offer specialized services to help divorced couples reevaluate their estate, change their beneficiaries, update living wills and trusts, and address pressing financial issues that loved ones will have to contend with after their passing.
Change Your Beneficiary
Your spouse may have been your beneficiary. However, you’ll need to decide who you want your estate to go to. You don’t want to make underage children beneficiaries directly and will need to appoint a responsible, trustworthy adult in charge.
As you’re updating your estate, you should re-evaluate your pension, 401(k), or any other income that has been designated as your spouse’s. When you go through an attorney, you receive expert advice. You can update your beneficiary on these accounts and determine what has to be divided.
Update Your Living Will and Trust
If you have a trust created during the time you and your spouse were legally married, your spouse is entitled to half of it. Therefore, after a divorce, you’ll need to go through and update this information to consider this. If not, you could leave the burden on your family after your passing.
You may have had your spouse as your health care proxy. This is no longer feasible leaving this decision up to your ex-partner. Therefore, you’ll need to have created a living will or update an existing one to ensure you receive the type of care you desire.
If you or your former partner had insurance through work that covered the family, a common concern is what the other partner will do without medical coverage if they don’t have it through work. Additionally, you may worry about what happens with your children’s coverage if the spouse of has primary custody isn’t the one with the health insurance. This includes what will happens when one partner passes before the other.
You may need to consider how your partner will survive if you pass first and you have children. The opposite may be true. Financially, your ex-spouse may not be able to take care of the children and house without you. We can help you address these problems.
How Bergman Family Law Can Help
At Bergman Family Law, we understand the process of getting your affairs for estate planning and how you must divide assets. Your attorney will make sure you dot every “i” and cross every “t” so all aspects of your estate are accounted for accordingly.
FAQs About Estate Planning for Divorced Couples
1. Do I Have to Split my 401(k) With My Ex-Spouse?
If you started your 401(k) while you were married, then yes. If not, your 401(k) isn’t marital property.
2. Can I Make My Children My Beneficiaries After a Divorce?
Yes, however, you’ll want to make sure you someone over the age of 18 who oversees the estate until your children are of age.
3. What Should I Do if My Spouse Was My Power of Attorney?
You’ll need to update your power of attorney after you go through a divorce to ensure someone who has your best interests will make decisions on your behalf.
4. Do I Need to Update My Health Care Proxy After a Divorce?
You should take the time to update your health care proxy to someone who’ll make decisions about your health how you would desire them to.