As we all know, some marriages end in divorce. This process can be made even more difficult if you fail to tie up loose ends after the divorce is finalized. Below is a post-divorce checklist that may help to ease the logistical pain of this process:
- Update your estate planning documents, including your Will, Trust(s), financial Power of Attorney, and Health Care Directive.
- Name new decision makers (i.e. fiduciaries) in the event of incapacity or death.
- Protect assets for children.
- Revise guardian nomination for minor children.
- Update beneficiary designations.
- Confirm that account and asset titles are correct, which may include canceling joint accounts.
- Reassess estate tax exposure.
- Address beneficiaries with special needs.
- Consider a prenuptial agreement if you plan to remarry.
- Prepare a digital asset inventory.
Divorce creates a need to review, organize, communicate and prepare for the future. FMJ’s Trusts & Estates attorneys are here to listen and provide guidance with the process.
This post was written by Karen Schlotthauer, an attorney in our Trusts & Estates practice group. If you have questions about estate planning, Karen can be reached at karen.schlotthauer@fmjlaw.com or (952) 995-9500.
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Karen A. Schlotthauer