After you’re done with all the brouhaha that came with your divorce, you might think you’re done. You thought now, your weary brain can finally take a rest. But that is far from reality, as there is a little more you need to do before you can finally take a sigh of relief – your estate planning.

Not updating your estate plans is a common mistake most people make, and you shouldn’t be one of these ‘most people’. Here are things you need to address before you can finally move on to the next phase of your life.

1. Update your health care proxy

Your health care proxy is an instrument that allows you to name someone who will make critical decisions on your behalf if you were unable to communicate because you were in an accident or a coma.

If you want your ex to be in charge of making decisions, there is no need to update your health care proxy. If not, you need to update your health care proxy by naming someone you trust to make decisions for you.

2. Your wills and trust

Since your ex is no longer part of life, you need to remove your ex as the executor and trustee. Doing this will ensure that your ex doesn’t receive a dime when you die, and will never have control over your estate or trust.

3. Name a guardian

If you have minor children, your ex-spouse is most likely going to be their guardian if you should pass away. You don’t necessarily need to name your ex as a guardian for this to happen unless they were considered unfit by the court due to issues like substance abuse.

If that is the case, you need to name someone capable of taking care of your kids in the event of your demise. 

4. Change your powers of attorney

If your ex is currently named for power of attorney, you must revoke such rights immediately after divorce. Once revoked, you will need to execute a new power of attorney by naming a trusted friend.

5. Review your beneficiaries 

Most of the time, people finalize their divorce without taking the time to check their beneficiary designations. When this happens, your assets will be going to your ex which might be against your wish. It is necessary to execute a new beneficiary immediately after you finalized your divorce, who are most likely to be your kids, family, or cherished friends. If you’re yet to review your estate plan, put a call across to us, and we’ll guide you every step of the way. Perhaps you’d prefer to use our contact form to book an appointment.