Going through a divorce might be the most difficult time in your life. Each stage of the divorce is overwhelming, stressful and sad; especially if children are involved. Deciding on child custody and support details can also be very stressful, as well.
Revising Your Estate Plan After Divorce | Attorney in Raleigh NC
While you might think that you've handled everything possible after the divorce is done, it's important to remember one major detail that many don't consider after divorce. Revising your estate plan after a divorce should be come a priority.
In our last blog post, we talked about making changes and updates to the following, after a divorce:
- Transfer-on-death brokerage accounts
- Retirement accounts such as IRAs and 401(k)s
- Pay-on-death bank accounts
- Life insurance policies
In addition to these aspects, you'll also what to consider updating another important part of your plan, as well. Ending a marriage might leave you needing to change the executor of your estate. Oftentimes, while married, people choose their spouse as the executor of their estate. If you've done so, you'll need to appoint a new one.
There are several things to consider before appointing a new executor. Think about the following information before choosing a new one. The executor of your estate is responsible for:
- Collect assets to distribute
- Distribute assets to beneficiaries
- Collect information about beneficiaries
- Determine and pay all legitimate claims and debts against the estate
Choosing someone you trust is recommended when naming a new executor. In addition, choosing one that is organized, easy to work with and has a background in financial matters might be helpful.
As we mentioned in our previous blog post, failing to update and change your estate after a divorce can lead to various issues if your divorced spouse is named in a will, trust or other document. Especially if they are still listed as a spouse on your estate documents. This can cause the estate to enter probate. Your assets will then be distributed as the court decides. The court might also have to choose an administrator to distribute assets and pay debts, as well.
Contact an attorney in Raleigh NC, today, to help you update your estate plan with the most current and correct information so that you don’t pass without a valid will in place.
If you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. Our attorney in Raleigh NC is here to help you get your estate planning in order and ready, in the event of your death, whether it’s untimely or prepared for. In addition, you’ll need one should you become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact Eldreth Law Firm, PLLC to get started estate planning in Raleigh NC, today.
