Over the course of the last month, our lawyer in Raleigh NC has talked in detail about family law and all that goes along with it. That has included divorce and other terminations of relationships and ancillary matters. Today, we are going to talk more about how divorce can affect your existing estate plan.
While estate planning in Raleigh NC might be the last thing you want to think about during and after a divorce, it’s actually very important to do so. It’s likely that you’ll have to rewrite your entire estate plan to reflect the fact that you’re no longer married. Many estate plans include spouses as beneficiaries. When you no longer have a spouse, these points will have to be revised. Even if you still plan to leave your belongings to your divorced spouse, your estate plan will need to be reworded, as you no longer legally have a spouse.
To begin, you’ll want to contact your estate lawyers in Raleigh NC. Next, you’ll want to work with them to completely redraft your will. A will is the document where you’ll name an executor to take care of your estate in the event of your death. It’s also where you’ll name a guardian to take care of young children and name those you’re planning to leave property and belongings to, as well.
Updates and Changes | Lawyer in Raleigh NC
You might need to update beneficiaries for the following:
- Transfer-on-death brokerage accounts
- Retirement accounts such as IRAs and 401(k)s
- Pay-on-death bank accounts
- Life insurance policies
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 and is listed as your spouse. 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 our lawyer 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 lawyer 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.