Ask an Estate Planning Attorney in New Jersey: Strategies for Estate Planning During a Divorce
Many spouses take out life insurance plans and list themselves as beneficiaries to pensions, 401k plans, and other retirement benefits. The idea is to provide protection to the spouse and family in the event of a death. A divorce, especially if one of the spouses remarries, dramatically changes the couple’s original estate plan. While the divorce is underway, each spouse has certain rights to retirement accounts and each must meet his or her legal obligations until a divorce settlement is reached.
A time will come when assets get divided. Soon thereafter, the estate plan needs to be revised. Below is a list of four things a divorced spouse should do to get his or her estate plan updated to reflect the end of the marriage. Check back next week for four additional strategies for estate planning during a divorce.
- Update health care proxy: If you listed your former spouse as the person you authorize to make health care decisions for you, you will need to choose a new decision maker.
- Revoke power of attorneys: If you and your spouse have executed powers of attorney, you will need to make changes. You can revoke the power of attorney, execute a new one, and be required to notify your ex-spouse of the revocation.
- Automatic restraining orders: When you file for divorce, an automatic restraining order is placed on your assets. Neither spouse can change beneficiary designations while the divorce is pending absent written agreement.
- Update your will: Remove your current spouse from your will and appoint a new executor or person responsible for distributing your gifts following your death. If you have young children, think about guardianship options and naming an alternate guardian, in the event your former spouse dies or loses custody of the children at a future date.
Contact an Estate Planning Attorney in New Jersey
One of the last things people think about when they are getting a divorce is updating or creating an estate plan. Estate planning is not something you undertake for yourself alone. You do it for your loved ones to help your family after you pass away. Your ex-spouse may no longer be in the picture, so thinking about and updating your estate plan should be an immediate step following your divorce. The Giro Law Firm serves the Bergen County, New Jersey community and surrounding areas. We help individuals with all of their estate planning needs, including the drafting of wills. Make sure that your belongings are left to the people or organizations that you choose with limited headaches and fees for them to receive your gift. A will is not the only thing an estate planning attorney can help with. Talk to an Estate Planning Attorney in New Jersey today about powers of attorney, health care proxies, and Medicaid planning for long term medical care.
The Giro Law Firm is a New Jersey and New York law firm located in Newark, NJ that handles a wide range of legal matters that affect the elderly and disabled populations, including retirement, guardianship, health care, long term care planning, Social Security, Medicare/Medicaid, among other legal services. To request a consultation with an Estate Planning and Divorce Attorney New Jersey, click here or call (201) 690-1642.