Life after divorce can be scary, but it is also a chance to leave your old life behind you and start fresh. During the process of starting this new life, you will change your health insurance, car insurance, bank information, and the “in case of emergency” contact in your phone. You will also be chomping at the bit to change the beneficiaries of the assets that survived the divorce, like your life insurance and retirement plans; why not change your estate plan at the same time.
All too often people are caught up in the whirlwind of starting their new “single” life that they often go years without updating their estate plan.
The purpose of an estate plan is to minimize the fighting and financial burden your family members will incur having to settle your estate. That being said, an old, outdated, estate plan could do the exact opposite.
Outdated Wills often leave ex-spouses as named beneficiaries and cause your children or other heirs to enter into unnecessary and expensive legal battles.
Updating, or creating, an estate plan is paramount to ensure that your children or other heirs do not have to endure costly probate litigation to settle your estate.
There are a few documents to consider when updating or creating an estate plan:
- Last Will and Testament
- Revocable Living Trust
- Durable Power of Attorney
- Healthcare Power of Attorney
- Beneficiary Designations for your retirement, car, life insurance, etc.
Making sure all of these documents are in order will ease the burden on your family and loved ones.
If you are ready to create or update your Estate Plan and need the advice and counsel of an experienced attorney, please call OWENS & PERKINS at480.630.2464 to schedule your free 30-minute consultation.