While you’re going through a divorce, your attorney will probably tell you to do all sorts of things when it comes to your finances, your insurance and your assets. Make sure you’re paying attention, because leaving important documents with loose ends can spell disaster later.
After your divorce, you’re tired of all the legal paperwork. It’s a lot like homework, isn’t it? However, there are six documents you absolutely must review after your divorce—even if you think you covered all of your bases during the divorce.
6 Documents You Must Review After a Divorce
You’ll probably update your estate plan during your divorce, which includes your will and other important documents. As long as you’re mentally competent, you can create, revoke or change your will whenever you’d like. In most cases, it’s best to update your will as early as possible during the divorce process (that way, in the event of your death, you can do what you wish with your assets without them automatically going to your soon-to-be ex-spouse).
So what do you need to double-check once your Milwaukee divorce lawyer has handed over your finalized divorce papers?
- Beneficiary designations. Your life insurance, retirement accounts, health savings accounts and annuities probably name your ex-spouse as a beneficiary, so it’s important that you change them as soon as possible.
- Revocable trusts.
- Powers of attorney.
- Living wills and healthcare powers of attorney.
- Banking or brokerage accounts with “pay on death” provisions.
- Titles to property, including real estate and vehicles.
It seems like a lot of work. Okay, we’re not going to lie; it is a lot of work. Just remember that these are all very important things to review—especially if you want to keep your assets out of your ex’s hands—and not just immediately after your divorce, either. It’s a good idea to look over all of your estate planning documents annually and every time your circumstances change.