An effective guide assisting you through the estate planning process after a divorce, ensuring all necessary adjustments and updates are addressed efficiently.
1
Consult an estate planning attorney
2
Review and update your will
3
Revise beneficiaries in your retirement accounts
4
Re-evaluate your power of attorney
5
Update your medical power of attorney and living will
6
Change beneficiaries in your life insurance policies
7
Approval: Attorney General for changes in beneficiaries
8
Consider setting up a trust for the children
9
Evaluate your estate tax strategy
10
Review and update your property titles
11
Gather and organize all financial documents
12
Reassess your financial plan considering the new situation
13
Consider potential future marriage in your planning
14
Update your emergency contacts and information
15
Consult a tax advisor
16
Check your credit report for discrepancies
17
Approval: Financial Advisor
18
Ensure all estate plans align with divorce agreement
19
Final review of completed estate planning checklist
20
Approval: Estate Planning Checklist
Consult an estate planning attorney
Schedule a meeting with an experienced estate planning attorney who can guide you through the divorce process. They will help you understand the implications of your divorce on your estate plan. Discuss your concerns, goals, and any changes you want to make. The attorney will provide advice on how to protect your assets and ensure your wishes are carried out. This task is crucial as it sets the foundation for the entire estate planning checklist.
Review and update your will
Assess your current will and determine necessary updates after the divorce. The will should accurately reflect your wishes regarding the distribution of assets, appointment of guardians for minor children, and any other specific instructions. Consider discussing the changes with your attorney to ensure legality and clarity.
Revise beneficiaries in your retirement accounts
Review the beneficiaries listed on your retirement accounts such as 401(k), IRA, or pension plans. Update the beneficiaries to reflect your new circumstances and ensure the desired distribution of assets. Coordinate with the respective financial institutions to complete the beneficiary change forms.
Re-evaluate your power of attorney
Assess your current power of attorney document and determine if any changes are necessary post-divorce. Decide if you need to appoint a new person to make legal, financial, or healthcare decisions on your behalf. Consult your attorney on revising the power of attorney document and the process of appointing a new agent if needed.
Update your medical power of attorney and living will
Review your medical power of attorney and living will documents to ensure they align with your post-divorce wishes and preferences. Determine if you need to appoint a new medical proxy or make changes to the existing document. Discuss the changes with your attorney to ensure compliance with state laws.
Change beneficiaries in your life insurance policies
Review your life insurance policies and update the beneficiaries to align with your post-divorce wishes. Contact the insurance company to obtain the necessary beneficiary change forms and submit them along with any required documentation.
Approval: Attorney General for changes in beneficiaries
Will be submitted for approval:
Change beneficiaries in your life insurance policies
Will be submitted
Consider setting up a trust for the children
Evaluate the benefits of establishing a trust for your children's inheritance after the divorce. Consult with your attorney to determine the type of trust that suits your needs and the legal requirements for its creation. Discuss how the trust can protect assets, ensure proper asset distribution, and provide for any specific needs of your children.
1
Revocable Living Trust
2
Irrevocable Trust
3
Testamentary Trust
Evaluate your estate tax strategy
Review your estate tax planning strategy in light of the divorce and any changes in assets. Consult with a tax advisor to analyze the impact of the divorce on your estate tax liability and identify any measures to optimize tax efficiency. Discuss potential strategies such as gifting, charitable donations, or creating trusts to minimize estate taxes.
Review and update your property titles
Collect and review all property titles, including real estate, vehicles, and other valuable assets. Determine if any changes are needed to reflect your post-divorce ownership. Consult with your attorney on the process of updating property titles and ensuring legal compliance.
Gather and organize all financial documents
Collect all relevant financial documents such as bank statements, investment account statements, mortgage documents, debts, and loan agreements. Organize the documents in a systematic manner, making it easy to reference when needed for the estate planning process. Consider creating digital copies and storing them securely.
Reassess your financial plan considering the new situation
Review your current financial plan and determine necessary adjustments based on the divorce. Evaluate your income, expenses, savings, and investment strategies to align with your post-divorce financial goals. Consider seeking advice from a financial planner to assist you in creating a revised financial plan.
Consider potential future marriage in your planning
Discuss with your attorney the potential impact of a future marriage on your estate plan. Consider the implications on asset distribution, beneficiaries, and any desired changes to your estate plan in the event of a future marriage. Understand the options available for protecting your assets and ensuring your wishes are carried out in various scenarios.
Update your emergency contacts and information
Review and update your emergency contacts, including family members, friends, and healthcare providers. Inform them of any changes in case of emergencies. Consider creating a document or card listing your emergency contacts and storing it in a prominent and accessible location in your home or wallet.
Consult a tax advisor
Schedule a meeting with a qualified tax advisor to discuss the tax implications of the divorce. Discuss any changes in filing status, deductions, credits, or other tax considerations that arise as a result of the divorce. Seek guidance on maximizing tax benefits and ensuring compliance with tax laws.
Check your credit report for discrepancies
Obtain a copy of your credit report and carefully review it for any discrepancies or fraudulent activity. Verify that all joint accounts have been closed or separated properly. If you notice any errors or inconsistencies, take immediate steps to correct them by contacting the credit bureaus and your creditors.
Approval: Financial Advisor
Will be submitted for approval:
Reassess your financial plan considering the new situation
Will be submitted
Ensure all estate plans align with divorce agreement
Confirm that all estate planning documents, including your will, trust, and power of attorney, are consistent with the terms of your divorce agreement. Work closely with your attorney to ensure that the estate plans align with any provisions or restrictions specified in the agreement.
Final review of completed estate planning checklist
Review the completed estate planning checklist to ensure that all tasks have been completed and all necessary updates have been made. Double-check that all relevant forms and documents have been filled out and submitted. This final review will help ensure that your estate plan is comprehensive and up to date.
Approval: Estate Planning Checklist
Will be submitted for approval:
Final review of completed estate planning checklist