Estate Planning Considerations For Divorced or Separated Individuals

When in the throes of a major life event, like a divorce, it is common to overlook the importance of updating your Wills, Powers of Attorney, beneficiary designation forms, and more. Yet, the need to update these documents is paramount.

This conversation with Jessica Garcia of Brainstormingwomen, LLC on the importance of estate planning, with a special focus on estate planning for divorced or separated individuals, offers many helpful tips and traps to watch out for when thinking about your family and how to structure a plan that works for you.​

If you do not already have an estate plan, then get thee to an attorney. You do not want your soon-to-be ex-spouse to inherit under North Carolina's intestacy laws because something happens to you while your divorce is still pending!

If you already have an estate plan, then get thee to an attorney. By taking steps to terminate your relationship, you are putting your estate plan at risk. It is likely that your soon-to-be ex-spouse is named as your Agent under financial and health care powers of attorney and as your Executor under your Will. Do you really want the person you are separating from to make these decisions on your behalf?

You also need to conduct an audit review of your beneficiary designation forms for assets such as retirement accounts and life insurance to make sure your ex is removed.