Once you have finalized your divorce, you need to update your estate plan to reflect your new situation. However sick of legal paperwork you are, it is best to get it done straight away.
Here are some of the things you need to look at:
What do I still own?
Draw up a list of all the assets you are left with, and work out how to distribute them. This revision is especially important if you have more than one person you want to leave things to so that you can ensure the balance between them is still as you wish.
Will my kids still be OK?
If your children are yet to go to university, divorce may require you to take a new look at how you fund their education. You could, of course, come to an agreement over that in the divorce process itself.
What if I fall ill?
What happens if you fall ill, be it now or in the future? Update your powers of attorney so that you have someone you trust to act on your behalf unless, of course, you still want your ex as that person. If your health insurance came through your spouse, make sure you replace it.
Can I still retire as planned?
Divorce may have decimated your retirement funds. Think about how you are going to cope. Maybe you need to work longer, or perhaps you can adjust to a more frugal life now to ensure you have sufficient money in the future.
Seek legal help to understand more about updating your estate plan for your new future after a divorce.
